A minus sign in front of a retailer’s like-for-like sales figures does not prompt investors to fill their shopping trolleys with stock.

A minus sign in front of a retailer’s like-for-like sales figures does not prompt investors to fill their shopping trolleys with stock.

But with Morrisons, there was relief at its first-quarter performance. After a striking lack of seasonal cheer during the crucial Christmas period, the decline of 1.8% that followed counted as good - or at least good-ish - news.

Morrisons’ lack of online offer and small scale in convenience are widely accepted as contributors to its recent difficulties. However, the retailer also seems to have fallen behind in other ways.

The rise of coupons and initiatives such as Sainsbury’s Brand Match have struck a chord with consumers, and Morrisons lagged in how effectively it communicated one of its core strengths: value. The grocer has acted to address this. Its Pick of the Street promotions highlight its keen pricing while playing to its reputation for quality fresh food. And its Payday Bonus scheme, weighted towards the end of the month when hard-pressed shoppers have more money available, is a smart move.

Morrisons will need to keep up the pace and find more ways of competing, because the competition won’t stand still either. And this year is likely to bring no fillips for the grocery industry generally. There will be no royal wedding, Jubilee celebrations or Olympics. If the weather doesn’t improve, there will be precious few barbecues, too.

The latest Nielsen data, covering the four weeks to April 27, showed volumes down 3% year on year. Even allowing for the timing of Easter, volumes were still down 0.2%. Setting aside the question of a Morrisons ecommerce offer, important as that may be in the long term, the battle for spend will be ferociously fought out in the supermarket aisles in lacklustre conditions.

While a slowdown in the rate of like-for-like decline is welcome - the Nielsen data also showed that Morrisons had done well compared with rivals in the four weeks - many investors will likely sit on their hands for now to work out whether they’re looking at a blip or a trend.