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Tesco defies UK retail gloom with surge in profit

Reuters  |  LONDON 

By James DaveyLONDON (Reuters) - Britain's largest supermarket Tesco bucked a grim start to the year for the retail sector with a 28 percent surge in annual profit, underlining Chief Executive Dave Lewis' recovery strategy of lower prices and streamlined product ranges. Shares in Tesco rose as much as 6.3 percent on Wednesday after it confirmed its medium-term savings and profit targets and said the integration of wholesaler Booker, purchased for 4 billion pounds ($5.7 billion) last month, was well underway.The deal will see Tesco expand to provide food to restaurants, bars and smaller ...

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First Published: Wed, April 11 2018. 15:38 IST