Most of the new stores are in the company's "City" concept format, which average 20,000 sf and focus less on appliances than its other superstores. Of its nearly 700 domestic units 22 are currently City locations.
Same-store sales slid 10.4% year over year during the fourth quarter, which ended Feb. 29. Net sale dropped 7.7%, to just over $3.6 billion.
For the coming year, executives predict at same-stores sales decline in the mid-single digits. The company, which expects to post a first-quarter loss between $180 million and $195 million will not show financial improvement until the back half of the year, said Philip Schoonover, Circuit City's chairman, president and chief executive officer.
"We remain confident we are on the right track," he said. The company will focus on improving margins, differentiating its stores from other chains an improving the overall shopping experience for customers, management said.
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