Tesco still has plenty to prove

Tesco announced a solid set of results this month. Exceptional costs relating to its pension deficit and the 2014 accounting scandal led to a big drop in pre-tax profits, but operating profits improved to £1.28bn, 30% higher than the year before. 

Despite signs of progress, the supermarket’s shares fell “to the bottom of the FTSE 100”, says Daniel Grote on CityWire Money, as the planned £3.7bn takeover of food wholesaler Booker “continued to worry investors”. Tesco chief executive Dave Lewis defended the takeover, saying that it “will bring together two complementary businesses, driving [...]

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