It was easy to spot entourages from the major multiples amid the colour and general razzmatazz at IFE97 this week. With a few exceptions ­ especially one Cheshunt-based group ­ they generally wore the gloomiest faces among the packed aisles. Even allowing for their traditional skills of not displaying a happy countenance while squeezing lower prices out of suppliers, there was no disguising the feelings of many of them. After profit warnings from Sainsbury and Safeway within the space of two weeks, and other chains bemoaning a slowdown in sales growth since New Year, some purchasing teams from major high street players toured the show in far from enthusiastic mood. At the same time, financial observers were signalling a possible year of disappointment for the sector with more reports of disturbing downturns in sales growth likely to drop ominously onto finance directors' desks in the weeks ahead. But another theory voiced during the head-to-heads between buyers and sellers was that given the level of loyalty card promotions in the run-up to Christmas, sales in January may merely have been pulled forward. Thus, while the slow trade persists, retailers should be able to adjust their floating costs to maintain margins. Unfortunately, those who are keen to calm the troubled City waters had forgotten the media's insatiable appetite for a high street punch-up. As a result, talk of a price war was again appearing on front pages. Encouragingly, those same gloomy retailers were at pains, during the marathon munch-in at IFE, to stress they would not be the instigators of a new war. "We have certainly no intention of buying ourselves out of trouble," was the unconvincing aside from one of the big four, while another was heard to tell a visiting French analyst on Tuesday: "If there is a war, we will not be the ones to start it." The profits warnings have raised nervousness levels. Rather than war talk, the immortal words of Corporal Jones of Dad's Army ­ "Don't panic"­ should be the message at this stage. Hopefully the January downturn will prove to be only a blip. {{NEWS}}