Food Retailers Continue To Escape Retail Downturn

When announcing its results, Tesco revealed that its UK stores, which account for around 73% of the firm's total sales, have continued to perform well in the first five weeks of the new financial year with a 4% rise in like-for-like sales. This strong performance was mirrored by rival retailer J. Sainsbury who recently revealed a 4.1% increase in like for like sales in the 12 weeks to March 22 2008. This strong performance at the country's major food retailers comes despite a widespread decline in consumer confidence that has dented sales at many non-food retailers. The question should therefore

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