Sainsbury's has announced plans to close more than 100 stores across its portfolio - but open even more as it continues its "estate review and growth plans".
The grocer said it expects to close up to 15 main supermarkets, 40 convenience stores such as Sainsbury's Locals and 70 Argos branches.
To counteract that, it's opening 10 new supermarkets, 110 new convenience stores and putting 80 Argos branches in other Sainsbury's.
"We expect the closures to deliver an ongoing net operating profit benefit of £20million per year," Sainsbury's said in an update to shareholders.
Sainsbury's told Mirror Money that there were no jobs set to go as a result of the Argos stores closing, adding that there are already 289 Argos branches inside Sainsbury's and about half of these are "redeployments".
The firm didn't give any information on which stores were closing, but said Argos relocations would be to "nearby" Sainsbury's stores.
That leaves around 700 remaining stand alone Argos branches. Overall, there are now more Argos staff working than before, the retailer added.
In terms of sales, Sainsbury's said its value brands had helped boost grocery sales, but clothing and other merchandise sales dropped.
Sainsbury's chief executive Mike Coupe said: "Sales momentum was stronger in all areas and we further improved our performance relative to our competitors, particularly in grocery.
"We have focused on reducing prices on every day food and grocery products and expanding our range of value brands, which have been very popular with customers. At the same time, we are investing significantly in our supermarkets, driving consistent improvements to service and availability.
"Argos continued to grow market share in key categories, but sales were impacted by reduced promotional activity and the timing of new product releases in gaming and toys.
"Clothing sales were boosted by clearance activity and strong online growth and Tu continued to grow market share. Financial Services sales were in line with expectations."
