When David Potts arrived at Morrisons as chief executive almost five years ago, he inherited a bloated company, inadequately equipped to fend off the threats posed by the German discounters Aldi and Lidl.
He has, by and large, managed to turn around the fortunes of the smallest of the UK’s big four supermarkets, but by his own admission there’s still plenty to go for.
Investors do not seem to agree, however. The stock has slumped by almost a third over the past year. About 5pc of its shares are on loan to short sellers, who borrow shares and sell them in the hope of making a profit when the price falls. The grocer’s interim results on Thursday are also expected to be underwhelming.
Bruno Monteyne, …
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