Private wealth management firms told of Sainsbury's success

Private wealth management clients may decide to invest in shares in Sainsbury’s after the supermarket has revealed its profits.

For the 52 weeks to March 20th, total sales rose by 5.1 per cent to stand at £21,421 million, while underlying profit was up 8.9 per cent to £671 million.

Underlying basic earnings per share has seen a 12.7 per cent surge to reach 23.9 pence, a figure private wealth management customers could be keen to benefit from.

More than 19 million weekly customer transactions are made at the store, one million more than last year.

Its non-food sector is growing at three times the rate of its food, pushing bank pre-tax operating profit to £19 million.

Commenting on the results, David Tyler, chairman of Sainsbury’s, said: ’We have delivered sales growth ahead of the market and good profit growth with underlying earnings per share up over 12 per cent.’

J Sainsbury is made up of Sainsbury’s Bank, 303 convenience stores and 525 supermarkets.ADNFCR-2318-ID-19775241-ADNFCR