Sainbury issued a promising trading statement last week but why no mention of margins? It's not alone with all the other multiples reluctant to cover margins in their quarterly updates. Good see that Marks gives them a mention.
Commentary at www.investorschampion.com

Now George, fair play you didn't ask TANKER if he had sold ALL his shares on the 15th, you need to clarify at the time. Check out the RSA thread :O)

the answer is simple i never sell all i always keep enougn cash back to buy more if they dip below my low target

Tank - Probably sounds a bit pedantic to you, but would help to clarify if you actually stated Sold a % but still hold a few, rather than just saying SOLD.

Chris I read T's post 121 ''I sold out-----'', to be not of an ambiguous nature, especially as he went on to describe JK as the worst CEO in the top 250 co's.
I enjoy reading T's posts, no prevarication with him, and he appears to be a very generous guy to those who matter to him. T's investing style appears to be, buy for the dividend but sell before they go ex-div, thus reaping a capital gain from the upside in sp due to others buying for the divi. Good luck to him
The RSA thread I read and sometimes post, again an enjoyable thread.
2517

to make it clear i live on divs so i never sell my feed stock .
i then trade what ever i buy above the level i use for my living allowance .
hope that helps i take around 30k in divs per year ,
now to the budget osborne is going to it the pensioners on pensions of around 11k to 18k after 2014 the allowance is going it will be the income tax level of 10500 .
so the pensioners will kick out the torys in 2015 the gov must remember this pensioners can not get money by working they are old and not fit

tanks, not that it matters much, but i'm sure you contradicted that divi comment a week or two back ..... personally i'ld prefer capital gain 97% of the time

cynic you are right the only people buying shares for dividends used to be called investment trusts.

can't cope with you agreeing with me hali ROTFL

well the city does not like the budget

Supermarket chain Sainsbury reports annual profits on Wednesday -

- Of all of the big four supermarkets, Sainsbury's appears to faring the best. Only last week Morrisons published its first like-for-like sales fall in seven years, and Tesco 's woes have sent shock waves through the industry.

However, though trading appears to have been ticking along nicely at Sainsbury's, the figures are a little deceptive. In the last quarter of its financial year, sales increased by 2.3pc on a like-for-like basis. This is stronger than all of its competitors, but the measure includes the benefit of store extensions.

Some analysts fret that the company is spending too much about £1bn a year on capital expenditure and it should take a hint from Tesco and scale back its investment programme.

Justin King, chief executive, is unlikely to cut capital expenditure, but he is expected to highlight how tough the market remains.

Final Results.

Good sales and profit performance; outperforming the market

Financial summary

· Total sales (inc VAT) up 6.8 per cent to £24,511 million (2010/11: £22,943 million)
· Total sales (inc VAT, ex fuel) up 4.5 per cent, like-for-like sales (inc VAT, ex fuel) up 2.1 per cent
· Underlying profit before tax up 7.1 per cent to £712 million (2010/11: £665 million) (1)
· Underlying basic earnings per share up 6.0 per cent to 28.1 pence (2010/11: 26.5 pence) (2)
· Return on capital employed of 11.1 per cent (2010/11: 11.1 per cent) (3)
· Proposed full year dividend of 16.1 pence, up 6.6 per cent, cover 1.75x (2010/11: 15.1 pence, cover 1.75x)

Statutory

· Revenue (ex VAT, inc fuel) up 5.6 per cent to £22,294 million (2010/11: £21,102 million)
· Profit before tax down 3.4 per cent to £799 million (2010/11: £827 million)
· Basic earnings per share down 7.0 per cent to 32.0 pence (2010/11: 34.4 pence)

Operating highlights

· Outperformed the market, increasing market share to 16.6 per cent, the highest for nearly a decade (4)
· Price perception on branded groceries improving, driven by Brand Match
· New contract signed with Nectar, a key source of customer insight and loyalty
· Delivered over £100 million of operational cost savings
· Improved underlying operating margin by 4 bps (10 bps at constant fuel prices)
· Sector leader in FTSE4Good Index; top sector scorer across all dimensions
· Supermarket of the Yearand Convenience Chain of the Year at the 2011 Retail Industry Awards

Strategy highlights

· Great food: Good growth in our own label ranges, with Taste the Difference up 8.2 per cent and basics up 6.8 per cent. Over half way through re-launch of our core by Sainsbury's range with 3,700 products new or improved
· Compelling general merchandise and clothing: Continues to grow faster than our food business, gaining market share
· Complementary channels and services: £1.3 billion convenience business growing total and like-for-like sales well ahead of the market. Fastest-growing online food retailer with 20 per cent growth, now a £0.8 billion business. Click & Collect in over 900 stores with around 50 per cent of general merchandise orders now through this channel
· Developing new business: Sainsbury's Bank enjoyed another successful year with a 40 per cent increase in pre-tax operating profit
· Growing space and creating property value: Opened a further 1.4 million sq ft of gross space, adding 19 new supermarkets, 73 convenience stores and 28 store extensions. Property now valued at £11.2 billion(5)

..Questor share tip: J Sainsbury is focus on what matters for shareholders

By Garry White | Telegraph – 8 hours ago

Sometimes going all-out for growth is not in a company's best interests. The decision by J Sainsbury to slow its rate of store opening looks good for investors.

J Sainsbury 305.3p +4 Questor says BUY

The company has undergone a significant growth spurt in recent times, with retail space growing by a quarter over the past four years. The supermarket group will now expand its floor space by about 5pc a year. This will allow a better focus on cash management that should reward shareholders through higher dividends.

Indeed, Sainsbury (LSE: SBRY.L - news) is already yielding a tidy amount. In the year to March 2013 the prospective yield is 5.4pc, rising to 5.8pc next year. This should continue to support the share price.

Areas where the business is now focusing for growth are its convenience store format and its online offering.

Britain's third-largest grocer has lured shoppers into its stores with cheaper own-brand labels and has also gained market share in non-food. This meant that it managed to outperform the market over the past year, raising its market share to 16.6pc, the highest for nearly a decade.

In the year to March 17, total sales including VAT jumped 6.8pc to £24.5bn, although pre-tax profits slipped to £799m from £827m. However, when one-off items are excluded, profits rose 7.11pc to £712m.

The final dividend of 11.6p will be paid on July 13. This brings the annual payout to 16.1p, a rise of 6.6pc. Sainsbury now plans to increase the dividend cover to 2 times from 1.75 over the medium term, which will add to its already significant yield.

Of course, there are risks. The sector is getting increasingly competitive, with Tesco (LSE: TSCO.L - news) determined to fight back after its January profit warning.

The shares are trading on a March 2013 earnings multiple of 10.7, falling to 9.8 the following year. The average price target of the 13 City analysts monitored by Bloomberg is 311.15p, only marginally above current price.

First (OTC BB: FSTC.OB - news) tipped at 297.6p on November (Stuttgart: A0Z24E - news) 10 last year, and with the renewed focus on shareholder returns following the reining back of expansion plans and the support offered by the current yields, Questor remains confident with a buy rating

next week will see another instalment in the battle between supermarket giants Sainsbury and Tesco as both issue trading updates. Panmure Gordon thinks Sainsbury's headline numbers will look a lot better than Tesco's, especially as Sainsbury's figures will include the benefit of the jubilee week-end. "We look for like-for-like sales growth of just over 2% (ex-fuel), compared with 2.6% in Q4 and 1.0% in Q1 last year. This would equate to similar two year growth to that achieved in Q4 (excluding the impact of VAT)," Panmure Gordon said.

Acquisition


Sainsbury's has today announced the acquisition of HMV Group plc's shareholding in Anobii Limited, a social network and online retailer of e-books. As a result of the transaction and Sainsbury's investment in the future development of the business, it is anticipated that Sainsbury's will have a 64% stake in Anobii.

Trading Statement.

First Quarter Trading Statement for the 12 weeks to 9 June 2012

Good sales performance in a challenging market

· Total sales for first quarter up 3.6 per cent (3.8 per cent excluding fuel)

· Like-for-like sales for first quarter up 1.4 per cent (1.4 per cent excluding fuel)

· Continued strong growth in convenience and online

Rumours yesterday that Qataris may be mulling a fresh bid. They own 26% of the retailer. They may be contemplating making a proposal of between 450p - 500p a share for the supermarket.

:-))

Trading Statement

Good sales delivering continued outperformance

· Total sales for second quarter up 4.3 per cent (4.4 per cent excluding fuel)

· Like-for-like sales for second quarter up 1.9 per cent (1.9 per cent excluding fuel)

· Total sales for the first half up 4.0 per cent (4.1 per cent excluding fuel) and like-for-like sales up 1.7 per cent (1.7 per cent excluding fuel)

Written off in the past, Sainsbury's is now catching up fast. The supermarket has been increasing sales one quarter after another for eight years. The shares now trade at their highest point in over a year.

The most encouraging aspect of Sainsbury's renaissance has been its success in growing market share. The most recent survey from Kantar Worldpanel showed Sainsbury's has a 16.6% share of the domestic groceries market.

Despite this success and peer outperformance, few analysts currently rate Sainsbury's shares a buy. It could be that confidence in the sector as a whole has been hit by turbulence at Tesco.

Half Yearly Report

Financial summary

· Total sales (inc VAT, inc fuel) up 4.0 per cent to £13,365 million (2011/12: £12,848 million)

· Total sales (inc VAT, ex fuel) up 4.1 per cent

· Like-for-like sales (inc VAT, ex fuel) up 1.7 per cent

· Underlying profit before tax(1) up 5.4 per cent to £373 million (2011/12: £354 million)

· Underlying basic earnings per share(2) up 9.4 per cent to 15.2 pence (2011/12: 13.9 pence)

· Return on capital employed(3) of 10.9 per cent (2011/12: 10.9 per cent)

· Interim dividend of 4.8 pence per share, up 6.7 per cent (2011/12: 4.5 pence per share)

Statutory

· Revenue (ex VAT, inc fuel) up 4.0 per cent to £12,160 million (2011/12: £11,693 million)

· Profit before tax up 2.5 per cent to £405 million (2011/12: £395 million)

· Basic earnings per share up 4.9 per cent to 17.0 pence (2011/12: 16.2 pence)

Operating highlights

· Outperformed the market, increasing market share to 16.7 per cent(4), the highest for nearly a decade, completing 31 consecutive quarters of like-for-like sales growth

· Nearly 250 million Brand Match coupons printed since its launch a year ago, with 'Cheaper Here Today' coupons issued over 50 per cent of the time

· Celebrated ten year partnership with Nectar, a continuing source of customer insight and loyalty

· Operational cost savings of around £60 million, on track for around £100 million for the full-year

· Underlying operating margin unchanged (up 1 basis point at constant fuel prices)

· Five awards at the Retail Industry Awards 2012 including Supermarket of the Year for the fifth time in seven years and Convenience Chain of the Year for the third year in a row

· World sector leader for food retailers for the sixth consecutive year in the Dow Jones Sustainability Index

Strategy highlights

· Great food: Continued investment and growth in own-brand, with penetration increasing at a faster rate than any other major supermarket. We are 85 per cent of the way through the re-launch of our core by Sainsbury's range which will see 6,500 new or improved products introduced by April 2013

· Compelling general merchandise and clothing: Goes from strength to strength, currently growing three times faster than our food business and gaining market share

· Complementary channels and services: Online continues to perform strongly, growing at over 20 per cent, with grocery orders regularly exceeding 165,000 a week. Our convenience business is expanding by one to two stores each week and is enjoying almost 20 per cent year-on-year growth. Sainsbury's Bank continues to make strong progress, with our share of joint venture post-tax profit up from £7 million to £12 million

· Developing new business: Announced I2C, a joint venture company with Aimia, owners of Nectar. Launched our MP3 music download service; acquired a majority stake in Anobii e-book platform; announced a video on demand service powered by Rovi

· Growing space and creating property value: During the half-year we opened 351,000 sq ft of space, comprising five supermarkets, 49 convenience stores and three extensions. Property profits from sale and leaseback activity were £48 million