Usually means: Comparison between equivalent entities.
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We found 3 dictionaries that define the word like-for-like:

General (2 matching dictionaries)
  1. like-for-like, like-for-like: Collins English Dictionary
  2. like-for-like: Wiktionary

Business (1 matching dictionary)
  1. Like-for-like: Moneyterms

Definitions from Wiktionary (like-for-like)

adjective:  Replacing one thing with another of the same type.
adjective:  (of sales) comparable to the same period in a previous year, at outlets that existed at that period

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