Tesco profits jump as Britons keep spending despite \'Brexit fatigue\'

A major turn around for the UK supermarket Tesco after years of scandal.

On Wednesday, it reported a 34 percent rise in Q4 operating profit, which beat analyst forecasts to stand at £2.2 billion, just under $2.9 billion dollars.

And it hiked its dividend by 92 per cent.

Chief executive Dave Lewis said the grocer was on the verge of meeting the "vast majority" of the turnaround goals he set when he was appointed four years ago after an accounting scandal in 2014.

The results reflect revamped relationships with suppliers, lower prices than its competitors, and better quality product ranges.

As Tesco celebrates its 100th year, it also enjoys a leading 27.4 percent share of Britain's grocery market, according to the latest data.

In an industry plagued with turmoil due to Brexit and where competitors Sainsbury's and Asda plan a merger.

Lewis said he thought customers were now fatigued by the UK's looming departure from the EU but said Tesco had not seen any softening in consumer sentiment.