Tesco, Britain's biggest retailer, beat forecasts for full-year profit, showing its recovery is picking up
The supermarket group said on Wednesday it made an operating profit before exceptional items of 1.28 billion pounds ($1.60 billion) in the year to Feb.
That was ahead of analysts' average forecast of 1.26 billion pounds, according to Reuters data, and an increase of 30 percent on the 944 million pounds made in 2015-16.
Alan Stewart, chief financial officer (CFO) at Tesco, told CNBC Wednesday that the U.K.-based firm had made "a good step" on its road to recovery and was now "slightly ahead of target".
The stronger-than-expected results could help soothe concern from Tesco's shareholders. Last month, two of the U.K. grocer's biggest shareholders urged the supermarket group to drop its attempt to buy Booker, saying it was overpaying and the deal would be a distraction from its turnaround plan.
"We will talk with all of our shareholders, we'll go through the competition process and we're actively engaged with that ... Once we get clarification of what that means we will then go to our shareholders and ask them to approve the merger," Stewart told CNBC.
Board is unanimously in favour of Booker deal