Wednesday, 8 December 2021

Tesco to report rising profit since Booker deal


LONDON: The supermarket giant will report to the market next week for the first time since completing its £3.7 billion takeover of wholesaler Booker, with analysts expecting a healthy rise in full year profits.

Tesco is forecast to post a 22% rise in operating profit to £1.56 billion for the year to February, according to a consensus of City analysts.

Barclays predicts like-for-like sales, a key industry benchmark, rose 2.1% in the fourth quarter, which would result in a second consecutive year of growth.

It will represent yet another step on the road to the supermarket’s recovery under chief executive Dave Lewis, who has been embarking on a turnaround since taking the hot seat in 2014.

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