The 2018-19 results reflect transformed relationships with suppliers, lower prices versus major competitors, simplified and better quality product ranges and improved store standards. Lewis has also been active in pursuing growth avenues. He has bought wholesaler Booker for nearly 4 billion pounds, formed a global purchasing alliance with France's Carrefour and launched a new discount format called Jack's. Shares in Tesco have risen by nearly a quarter this year. Bernstein analyst Bruno Monteyne said the results "will focus investors' minds on the quality of the turnaround, the level of cash generation from the core business and the level of growth from Booker." Lewis set out a plan in October 2016 to reduce Tesco's operating costs by 1.5 billion pounds over three years through efficiencies in its distribution network and stores and from procurement savings.