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Tesco profit surge and Booker boost defy UK retail gloom

Reuters  |  LONDON 

By James DaveyLONDON (Reuters) - Britain's biggest retailer Tesco bucked a grim start to the year for the sector with a 28 percent surge in annual profit and a punchy revenue growth target for the newly acquired Booker wholesale business.Shares in Tesco rose as much as 6.5 percent on Wednesday after it confirmed targets for cost savings, cash generation and profit margins and said the integration of 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 grocers, while some 200 million ...

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First Published: Wed, April 11 2018. 19:53 IST