Western European
food retailers
Too early to switch into more
cyclical retail stocks
Food & drug retailers

Economic indicators do not bode well for food retailers. We
favour more defensive groups, such as Ahold and Sainsbury,
over more cyclical ones, such as Carrefour and Metro. We do
not see a switch to the latter group in the first half of 2009.
Sector review
Western Europe
3 February 2009
Western European
food retailers
Too early to switch into more
cyclical retail stocks
Food & drug retailers
Recommendations
Rec TP
Ahold (AH NA) Buy