Tesco raises profit forecast, names Booker's Charles Wilson its UK chief

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In an update today, Tesco confirmed that trading had been in “line with expectations” and that it expects to make £1.57bn operating profit before exceptional items of at least £1.575bn for the year to February 24.

Britain’s biggest retailer also confirmed that it will pay a dividend — 2p a share.

In another announcement, the group said that the current chief executive of Booker Group, Charles Wilson, will take charge of Tesco UK and Ireland retail and wholesale operations after the companies’ merger.

The current UK boss, Matt Davies, will leave the group at the end of April.

Dave Lewis, Tesco’s chief executive since 2014, said Wilson would bring ‘substantial commercial and retail experience’: “I am delighted Charles will be joining the Tesco Board and Executive Committee. He brings substantial commercial and retail experience and has an exceptional track record of increasing performance and driving growth in customer-focused businesses.”

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