DEFLATED HOPES

The "D" word had a major effect on supermarket results during the first half of the year, as deflation put pressure on same-store sales gains through most of the first six months of 1997. "It was like removing a tailwind," Jonathan Ziegler, a securities analyst with the San Francisco office of Salomon Bros., New York, told SN. "With tonnage and pricing unchanged, most companies were relying on inflation

The "D" word had a major effect on supermarket results during the first half of the year, as deflation put pressure on same-store sales gains through most of the first six months of 1997. "It was like removing a tailwind," Jonathan Ziegler, a securities analyst with the San Francisco office of Salomon Bros., New York, told SN. "With tonnage and pricing unchanged, most companies were relying on inflation to boost sales. But with that element removed, growth had to come through greater tonnage,

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