Food retailers in the United Kingdom are feeling the effects of competitive pressure and low inflation. This is most notable in the declining gross-profit margins the two largest U.K. chains reported in their recent year-end 1993 financial results. J. Sainsbury, the largest retailer in the United Kingdom, saw its gross-profit margin decline by about 40 basis points in the year ended March 12, according to Tony MacNeary, a securities analyst at County NatWest, London, who follows European ...

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