TORONTO — Depending on what happens to inflation, the next 12 months are going to be very tough on retailers in terms of top-line sales, Allan L. Leighton, president and deputy chairman of Loblaw Cos. here, told the annual Back-to-School conference sponsored by Scotia Capital. He said he believes the move from recession to recovery will resemble a duck's head — continuing to move downward for a while like a duck's neck, then bottoming out and rising gradually like a duck’s back. But with ...

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