Making sense of the past seven days
Watching Marc Bolland present Morrisons' results yesterday was both entertaining and refreshing.

It wasn't just his endearing style of presentation - not dissimilar to Tottenham Hotspurs FC manager Martin Jol - nor the way he has clearly managed to assert his authority with the company's domineering chairman Sir Ken Morrison. Bolland's real achievement in his short time at Morrisons is to have very quickly realised where he can capitalise on the company's heritage to build a stronger business, while also identifying where he needs to build its capabilities.

He has clearly built a good relationship with Sir Ken - no mean feat in itself - and recognises that a lot of what Sir Ken has built makes Morrisons unique. For example, the control it has over its supply chain through its extensive manufacturing arm presents Morrisons with huge opportunities in this age of shopper concern about provenance.

Morrisons probably has a stronger heritage in fresh food and its specialist counters - for example bakery and butchery - than any of its rivals. What the previous management failed to do was to make a virtue of this, but there is huge potential for Bolland to profit from making more of it.

At the same time, Bolland knows where he needs to make improvements. The non-food range is poor, the company has been lagging in the environmental debate and its communications with the outside world - from its corporate image to its advertising - haven't moved on significantly for over a decade.

But, while Bolland's big plan is convincing, he has other headaches in the short term. Trading is looking weak, which has to be a worry at a time when every other grocer is performing outstandingly well.

Given the outperformance of Morrisons' smaller stores revealed yesterday, Bolland must be ruing Sir Ken's short-sighted decision to offload most of the smaller stores inherited from Safeway. However, as it stands, he is stuck with the portfolio he has. The challenge is to ensure that he can put the brakes on the present slowdown before it becomes a real issue.