After a year of slowing sales and profit warnings, the UK's three big supermarket groups - Sainsbury (SBRY), Tesco (TSCO) and Morrison (MRW) - are likely to be glad to see the back of 2012. But 2013 is expected to bring little respite from the sector's long list of woes, which include a consumer spending malaise, food price inflation, rising operating costs, cut-throat competition and increased regulation. However, with PE ratios near 10-year lows and dividend yields flirting with 10-year highs (see table), the pain may already be in the price.
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