There is so much to admire in Tesco’s results (p14). Like a well-oiled machine it just keeps making marginal gains, constantly fine tuning and finessing its offer.

In this as in so many other ways ‘every little helps’, whether it’s the £3bn sales from its Finest range (doubling in three years); the 11% increase in online sales (to over £7bn) and 51% growth in Whoosh rapid delivery sales (to over £400m); or tripling Everyday Low Prices to 3,000 lines; or adding 369 net new Booker retail partners; or growing its Tesco Marketplace range to 450,000 SKUs; or introducing the sixth iteration of its Accelerator Programme; or achieving strong Tesco Media growth among smaller brands; or cutting costs by £535m (ahead of target); or delivering a 68% reduction in Scope 1 and 2 emissions (ahead of target); or rationalising 250 separate AI-workstreams into a cohesive AI strategy.