The company is ahead of where it expected to be in its three-year plan to cut costs by £1.5 billion and double its margin Toby Melville/ReutersTesco’s plan to takeover Booker Group was boosted this morning by news that its own turnaround was on track with profits breaking through the £1 billion barrier again. Britain’s biggest grocer said that its operating profit — a key measure for the group — had hit £1.28 billion, up 30 per cent on last year and ahead of where it had previously guided. It recorded its first full year of like-for-like sales growth since 2009, with a rise of 0.9 per cent. Tesco said that it was also ahead of where it expected to be in its three-year plan to cut £1.5 billion of costs and more than double its margin by 2020. Dave Lewis, the chief executive who has been masterminding Tesco’s turnaround, said…

Source: The Times April 12, 2017 07:52 UTC