The top graph shows how Tesco, Morrison’s and Sainsburys have been having a pretty tough time—Tesco had already been suffering after their announcement faux pas - however was the always likely? The lower graph is an extract from a review that we undertook on the sector in March and shows how total net profits for the sector were in decline after 4 years or growth (red bars) even more worrying is the blue line that shows the net profit for these companies in the sector weighted by their market capitalisation i.e. more emphasis on the larger firms.
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