Annual profits have surged at Tesco as chief executive Dave Lewis completed an overhaul of the business to defy the gloom affecting the British high street and served up the groups first annual dividend since 2014.
Pre-tax profits at the supermarket chain climbed to £1.3bn in the 12 months to February. This was a rise of almost 800 per cent on the £145m the group reported the previous year, and a strong indication the company is putting troubles including competition from discount chains Aldi and Lidl and an accounting scandal in 2014 behind it.
On an operating profit basis, which excludes the effects of heavy exceptional costs Mr L…
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