date:Dec 10, 2013
ch as scrip dividends and tight working-capital management should be felt more strongly in 2014, turning free cash flow positive for the first time since 2009. Together with further asset disposals, this will allow retailers to reduce leverage, although it will not be sufficient to benefit ratings in the near term.
The improvements in Europe will also be partly offset by slower growth and inflation pressures in emerging markets. This could hurt food retailers that rely on emerging markets to im