LONDON, April 12 Tesco, Britain's
biggest retailer, beat forecasts for full-year profit, showing
its recovery is picking up pace and potentially giving a boost
to its stuttering campaign to win investor backing for a
takeover of wholesaler Booker.
The supermarket group said on Wednesday it made an operating
profit before exceptional items of 1.28 billion pounds ($1.60
billion) in the year to Feb. 25 2017.
That was ahead of analysts' average forecast of 1.26 billion
pounds, according to Reuters data, and an increase of 30 percent
on the 944 million pounds made in 2015-16.
Tesco said UK sales at stores open over a year rose 0.7
percent in the 13 weeks to Feb. 25, its fiscal fourth quarter -
a fifth straight quarter of underlying growth.
"We are confident that we can build on this strong
performance in the year ahead," said Chief Executive Dave Lewis.
(Reporting by James Davey, Editing by Paul Sandle)