The electronics retailer's board also authorized a $400 million increase in its stock repurchase authorization, raising the total capacity to $800 million. As of late last month, the retailer has repurchased 28.4 million shares for $344.3 million.

During the company's Q4, ended Feb. 28, same-store sales were down 1.8% compared to the same period a year ago. Also in the quarter, the company opened nine U.S. stores and relocated six others, and during the entire fiscal year, it opened 31 stores and relocated 28. In late February, the company closed 19 stores in trade areas that it said could no longer support a Circuit City.

The retailer has faced stiff competition from Wal-Mart as well as Best Buy. Comp-store sales for the entire fiscal year were up just 0.7%. Circuit City's stock today is trading at just under $16.