"We continue to generate strong returns on new store openings, and we're growing our market share with our customer-focused strategy," says Brian Dunn, president and chief operating officer, in a statement. "We intend to press this advantage in the marketplace." Best Buy currently operates 852 US Best Buy stores, 47 Canada Best Buy stores, 122, Future Shop stores and 14 Pacific Sales stores in the US.

Additionally, Best Buy's board authorized a $5.5-billion stock-repurchase program, which terminates and replaces the prior, $1.5-billion program the company previously had in place. Management expects to purchase $3 billion in shares by February of next year, funding the measure through cash, investments and borrowing. The remaining $2.5 billion will be used a later date, pending "business results, market conditions and board approval."

The announcement of the increase in total stores and stock repurchase program comes after the company reported tough first-quarter results last week. Same-store sales during the period inched up 1.7% year over year, while earnings slid 18%, to $192 million, from the same year-ago period.