Seven Days: 13 April 2018

Seven Days: 13 April 2018

Tesco triumph

Is Tesco boss 'drastic' Dave Lewis's overhaul of the grocery giant complete? The latest results would suggest it is getting close. A near-800 per cent leap in pre-tax profits to £1.3bn for the year to February signalled a welcome return to form for the retailer as it defied the wider gloom on the high street. The news also propelled its shares to their highest level since 2016 as investors welcomed the 3p-a-share payout – the first full-year dividend since 2014. Mr Lewis has dramatically restructured Tesco, cleaving off underperforming peripheral businesses and acquiring wholesaler Booker. He has also sharpened up operating performance with the operating margin hitting 3 per cent in the second half, heading towards his target of 3.5-4 per cent by 2020, while also slashing net debt. 

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