Tesco Profit Rises, Pledges $1.6 BLN UK Investment

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April 18 (Bloomberg) -- Tesco Plc, the U.K.’s largest retailer, said annual profit rose 1.3 percent as the grocer pledged to invest 1 billion pounds ($1.6 billion) to improve U.K. stores after shoppers spurned a price cut campaign. So-called trading profit increased 1.3 percent to 3.76 billion pounds in the 52 weeks ended Feb. 25, the Cheshunt, England-based retailer said in a statement today. That’s in line with the 3.77 billion-pound median estimate of seven analysts compiled by Bloomberg and follows Tesco’s January forecast that profit would be at the low end of the range. (Source: Bloomberg-UTV)

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