, a City of Commerce-based discount retailer, said same-store sales fell 2.9 percent for the second quarter because of a decline in sales at its stores in Texas and the early arrival of the Easter holiday. Same-store sales grew 3 percent in the year-ago period. The company's total quarterly sales rose 3.1 percent to $244.7 million while retail sales grew 3.3 percent to $234.4 million.
- Magnetek Inc. , an L.A.-based maker of power control products, saw its shares rise nearly 10 percent to $2.75 each after the company said it expects near break-even earnings from continuing operations in its fiscal fourth-quarter, which ended in June. The company expects to report revenues of $57 million to $58 million. Magnetek plans to release its fourth-quarter results on Aug. 25.
Magnetek also said it is holding settlement discussions with Ole K. Nilssen, who filed a patent infringement lawsuit in 1998. In May, an arbitration panel awarded Nilssen $23.4 million and Magnetek is preparing to pay the award through debt refinancing and the sale of assets unrelated to its long-term power-control technology operations.
- Northrop Grumman Corp. consolidated many of its operations in San Diego into a five-building, 234,000-square-foot campus that will house 850 employees and accommodate future growth. The defense contractor said four of its seven operating sectors will be operate out of the new campus.
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