Business Briefs: Pacific Sales, Northrop, CKE Restaurants

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Best Buy Co. Inc. said it completed its acquisition of privately held


Pacific Sales Kitchen and Bath Centers Inc.

for $410 million. Pacific Sales will now operate as a wholly owned, indirect subsidiary of Best Buy. Torrance-based Pacific Sales operates 14 stores in southern California that sell high-end kitchen appliances, bathroom fixtures and home furnishings.


The purchase price represents approximately 0.95 times Pacific Sales annual revenue, Minneapolis-based Best Buy said in a statement in December, when the deal was announced.



– Northrop Grumman Corp.

bought $750 million of its stock from Credit Suisse. The company repurchased about 11.6 million shares at $64.78 each. Credit Suisse plans to purchase an equivalent number of shares in the open market, and Northrop may receive a price adjustment based upon the volume weighted average price of Northrop shares purchased by Credit Suisse.


The L.A.-based defense contractor said the repurchase marks the completion of more than 80 percent of the $1.5 billion share repurchase program the company announced last October. Including today’s announcement, the company has repurchased approximately 53 million shares of its common stock for $3 billion since it began repurchasing its shares in August 2003. The company has about 350.7 million shares outstanding.



– CKE Restaurants Inc.

reported a 7.3 percent gain in February same-store sales for the Carpinteria-based company’s Carl’s Jr. and Hardee’s restaurants, boosted by product promotions. For the four weeks ended Feb. 27, same-store sales for Carl’s Jr. were up 10.2 percent, while Hardee’s jumped 4.3 percent. Consolidated revenue for the period was $95.6 million.

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