BRUNO MONTEYNE | BERNSTEIN
While we count the new chief executive David Potts as a great addition to the team, we think the task of repositioning Morrisons is much harder than for Tesco as it has less competitive advantages and it will take much longer than what currently is embedded in consensus margin expectations.
CLIVE BLACK | SHORE CAPITAL
It is clearly still very early days in David Potts’ tenure but we sense he is bringing a deep-rooted and fundamental change to Morrison’s that is for the better... In this respect we demonstrably believe that Potts has hit the ground running.
KEITH BOWMAN | HARGREAVES LANSDOWN
The sales trajectory seems to be in line with that of peers in these early stages of 2015. We await for David Potts to set out his thinking on gross margin requirements with the September interims but continue to flag the superior capital structure and free cashflow dynamics of the group relative to peers.