April 11, 2018 / 6:10 AM / 8 months ago

Tesco beats guidance with 28 pct full-year profit increase

LONDON, April 11 (Reuters) - Tesco beat guidance with a 28.4 percent rise in full-year profit on Wednesday, underlining the recovery of Britain’s biggest retailer under Chief Executive Dave Lewis.

The supermarket group, which last month completed the 4 billion pounds ($5.7 billion) purchase of wholesaler Booker, made an operating profit before exceptional items of 1.644 billion pounds in the year to Feb. 24, 2018. That compared to Tesco’s guidance of “at least” 1.575 billion pounds and 1.28 billion pounds made in 2016-17.

Tesco said it was firmly on track to deliver its medium-term targets.

Reporting by James Davey; editing by Kate Holton

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