companies

Tesco raises profit forecast, names Booker’s Wilson its UK boss

Supermarket group forecast an operating profit before exceptional items of at least £1.575b for the year to February 24, 2018

Reuters
15:32 February 5, 2018

London: Tesco, Britain’s biggest retailer, on Monday forecast profit for the full 2017-18 year slightly ahead of analysts’ expectations and confirmed it would pay a final dividend. The supermarket group forecast an operating profit before exceptional items of at least £1.575 billion (Dh8.16 billion) for the year to February 24 2018. Tesco is buying Booker in the boldest move yet by its chief executive Dave Lewis, who took over in 2014, providing the supermarket group with access to the faster growing catering segment of Britain’s £195 billion food market.

After the deal, the well-regarded Booker boss Charles Wilson will become CEO of Tesco’s retail and wholesale operations in the UK and Ireland. The current UK boss, Matt Davies, will step down after supporting a handover and leave Tesco at the end of April.