Tesco beats guidance with 28 percent full-year profit increase

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 (USD 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.