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shave about $400 million or about 1.9 per cent off its future annual sales.

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Consolidated sales for the quarter ended May 3 were $5.94 billion, up from $4.26 billion a year ago, boosted by the $5.8 billion acquisition of Canada Safeway last summer. Sobeys' same store sales were up 0.2 per cent from the prior year.

In its fourth quarter results, Empire reported a profit Nike Sweatshirt Womens

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Sobeys did not say how many employees would be laid off and did not respond to requests for a list of locations to be closed.

"Stores that are underperforming do require an awful lot of management attention," he told analysts.

Earlier this year, Sobeys announced deals to sell some 30 stores Nike Sweatshirt Crop Top in Western Canada including 23 that were part of an agreement with the Competition Bureau in connection with its purchase of Canada Safeway last year.

to focus attention on stores with more potential."

Sobeys is closing about 50 underperforming grocery stores across the country as it deals with intense competition and tries to squeeze savings from its operations after the acquisition of Safeway in Canada.

´╗┐About 50 underperforming Sobeys stores to close

"Rapid square footage growth has crimped the Canadian market, and Sobeys has been the first to acknowledge that," said CIBC analyst Perry Caicco in a note.

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"As hard as it is a hard decision to take, it will allow us Nike Tracksuit Burgundy

On an adjusted basis, Empire's profits from continuing operations were $131.3 million, or $1.42 per diluted share, compared with $95.7 million or $1.40 per diluted share.

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Closing weaker Sobeys stores will improve the quality of its overall operations and financial results, Poulin said. However, the move will also Nike Dri Fit Sweatshirt Womens

"After all, it's all about maximizing the value to the shareholders."

"Clearly, we have learned a lot from this process and will assess our options with a view to do what is right for the business," he said in a conference call, after the Nova Scotia based company released sharply lower quarterly results on Thursday.

After the Safeway deal, Sobeys launched a widespread review to determine which grocery stores fell short of expectations, with the goal of eliminating ones that showed no sign of improvement, Poulin said.

Included in the fourth quarter results was a charge of $169.8 million that accounts for administrative and sales costs from the restructuring plan. retailers like Walmart and Target.

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"It is probable that 20 of these closures will be in the terrible Ontario market," he added.

Those results beat analysts' expectations for adjusted net income of $112.2 million and adjusted earnings per share of $1.29, according to estimates compiled by Thomson Reuters.

The company said its planned Sobeys closures will remove 1.5 million square feet, from the national grocery store market, which CIBC analyst Perry Caicco said is about 0.77 per cent of the overall market.

of $800,000 net of controlling interest, worth a penny per diluted share. That's a decline from $105.9 million or $1.56 per diluted share a year ago.

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Within its grocery operations, it has already planned the closure of a juice and grocery facility in Alberta at the end of August, and a cheese and ice cream plant in Winnipeg. The company also plans to expand an Ontario facility that handles frozen and dairy products, and consolidate meat and produce into the location in 2016.

About 60 per cent of the affected Sobeys locations will be in Western Canada, while the rest will be spread out across the country, said Marc Poulin, president and CEO of both Sobeys and its parent company Empire Co.

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Other manufacturing facilities acquired from Safeway are also facing a review for their productivity, Poulin said.

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