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What does like-for-like mean?

Looking for the meaning or definition of the word like-for-like? Here's what it means.

Adjective
  1. Replacing one thing with another of the same type.
  2. (of sales) comparable to the same period in a previous year, at outlets that existed at that period
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Examples
Every One product funds a like-for-like equivalent, for example, the One Supersofty toilet tissue funds hygiene and sanitation projects in Africa.
The soccer coach made a like-for-like substitution, replacing the injured defender with another defensive player.
There was evidence of healthy like-for-like growth in both revenues and gross profit.
Immigrants are not like-for-like substitutes.
This argument was rejected for the reasons as set out in recital 38 of the provisional Regulation as the price should be compared on a like-for-like basis.
A like-for-like, three-year comparison between preparatory and state schools is not possible.

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