Tesco makes progress with targets
Tesco reported a better-than-expected 34 percent rise in full-year operating profit and hiked its dividend on Wednesday, in a sign that the Britain’s biggest retailer is cementing its recovery under boss Dave Lewis.
Tesco hikes its dividend and reports a 34 percent rise in operating profit, stocks rise 1.5 percent on the news.
Stocks impacted: Tesco (TSCO)
Profits at Tesco have jumped 28%. Full-year pre-tax profits were £1.7bn, with Tesco's same store sales up 1.7%. The full year dividend rose 92.3% to 5.77p per share. Tesco has a leading 27.4 percent share of Britain’s grocery market, and looks set to retain that place after the competition regulator said earlier this year it was minded to block Sainsbury’s $9.6 billion takeover of Walmart’s Asda.
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