I can’t believe the Tesco (LSE: TSCO) share price. It’s an absolute monster. It’s up 37% in the last year, and 110% over five. Dividends are on top, turbo-charging the total return. How does Britain’s biggest grocer keep delivering?

It wasn’t always like this. In 2014, Tesco was a basket case. Market share, sales, profits, staff morale and customer attitudes were falling as one. Plans for global domination had flopped, with Tesco losing £1.7bn on its ill-fated Fresh and Easy US business. Throw in a £326m accounting shock and a horse meat scandal, and that stands as Tesco’s darkest hour. Then came the dawn.

‘Drastic’ Dave Lewis (now at Diageo) began the turnaround, and…