**节阅读理解110篇及疑难长句注解与译文
一、经济
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Supermarket chiefs need to take drastic action by shutting one in five of their stores if the financial health of the mainstream grocery chains is to recover from the damage being wreaked by altered shopping habits and the onslaught of the discounters, according to analysts at Goldman Sachs. A large closure programme is the only viable solution to bring about a return to profitable growth for the UK supermarket industry. With 56% of Tescos stores bigger than 40000 sq ft, the report concludes the market leader has the biggest problem on its hands.
Profits at the three listed chains, Tesco, Sainsburys and Morrisons, have gone into reverse as weak food sales are exacerbated. Further pressure is coming from structural changes in the market such as the growth of online and convenience store retailing. Last week Sainsburys reported a first half loss of £290m as it counted the cost of pulling the plug on 40 new supermarket projects.
Goldman Sachs analyst Rob Joyce was gloomy about the ability of the major players to bounce back if the fight was based on price cuts alone. “We believe that any major price investments by Morrisons, Sainsburys or Tesco can be exceeded by the discounters,” he wrote. The unhealthy industry dynamic prompted him to predict large stores would suffer sales declines of 3% a year until 2020, unless the big chains embrace the need for major surgery.
Last week the WalMartowned grocer reported its biggest sales decline in eight years with likeforlike sales down 16% in the three months to 30 September. Asda boss Andy Clarke blamed the intensifying price war and a blizzard of discount vouchers for the deterioration: “A new reality is upon us and, although we were the first to adapt, we need to do everything to remain ahead of our traditional competitors while removing reasons for customers to go to the small discount shops.”
Goldman Sachs recommended investors sell Tesco and Sainsburys shares but should buy Morrisons, arguing the Bradfordbased grocer has fewer large stores on its hands than its listed rivals. The investment bank also argues that Morrisons boss Dalton Philips has taken the “most aggressive steps” to address market share losses by combining big price cuts with a major cost cutting drive. The picture is bleaker at Tesco, which is still reeling from the accounting scandal that exposed a £263m hole in firsthalf profits. “We believe structural shifts away from large stores means overspacing and not price is its biggest problem,” said Joyce who thinks its shares have further to fall, with a price target of 155p compared with yesterdays close of 1927p.
**部分阅读理解110篇及疑难长句注解与译文和题解
1. Tesco has been hardest hit by the effect of .
[A] changed shopping habits and discount stores
[B] the large closure programme to be executed
[C] the damage done by the financial difficulties
[D] the drastic action taken by supermarket executives
2. By saying profits “have gone into reverse”, the author means .
[A] profits have suffered a serious decline
[B] the businesses stop making any profits
[C] the prospect of the businesses is gloomy
[D] the values of businesses have gone down
3. Rob Joyce is of the opinion that .
[A] big supermarkets should fight together
[B] enough investments will yield enough profits
[C] offering discounts can not save the stores
[D] large stores should break into smaller ones
4. Its implied that Asda has to combat falling sales by .
[A] pushing up prices
[B] plunging into price war
[C] reviving traditional sales
[D] cooperating with competitors
5. Morrisons fares better owing to its .
[A] willingness to share profits
[B] ability to run larger stores
[C] immunity from accounting scandal
[D] capital spending plans
1. drastic /drstik/ a. 激烈的;果断的
2. mainstream /meinstrim/ a. 主流的