I think some of the consensus numbers are a little stale some of the estimates that go into that don't reflect the recent thinking many analysts have about Morgan Stanley.

The consensus number in this case is very hard to use as a barometer. The estimates were all over the place.

It was only when the numbers started getting haywire that I began insisting on estimates,

It was a very good quarter. We beat Wall Street consensus estimates for revenue, and we believe we met them for earnings.

The bear case on this stock has gone well and truly stale, this is another good set of numbers and the TNS (market share) data suggests the company really has turned the corner. Sainsbury's was one of the big winners this Xmas.

There are various estimates about the third quarter impact. Our CEA (Council of Economic Advisers) numbers are somewhere between a half and one percentage point on growth. That would still probably leave us at a decent rate of growth for the third quarter.