Best Buy Q1 Entertainment Sales Fall24 May, 2016 By: Erik Gruenwedel
CFO Sharon McCollam departing
Best Buy May 24 reported a 11.6% decline in first-quarter (ended April 30) same-store entertainment sales, which was up slightly from a 11% decline in the previous-year period.
The entertainment category, which includes packaged-media Blu-ray Disc and DVD movies and TV shows, music CDs and video games, saw revenue dip 1% to 6% ($469.7 million) of total ($7.8 billion) domestic sales. Entertainment generated $552.3 million in sales during the previous-year period.
Separately, Best Buy announced CFO Sharon McCollam would be stepping down June 14. McCollam will remain with the company in an advisory capacity until the end of the fiscal year, Jan. 28, 2017.
Corie Barry, a 16-year veteran of Best Buy and its current chief strategic growth officer, will become CFO at the conclusion of Best Buy’s annual shareholder meeting, being held June 14. The chief administrative officer position will be handled by Asheesh Saksena, a former senior executive with Cox Communications.
CEO Hubert Joly said McCollam came out of retirement in 2012 to help revitalize Best Buy when it was facing a “multifaceted crisis.” She was recruited during a management overhaul when former CEO Brian Dunn abruptly resigned following revelations of an inappropriate relationship with a female employee.
“Three and a half years later, we are in a completely different place and are into the next phase of our journey as a company. Sharon can leave with a sense of confidence in the future of the company and certain that her legacy will endure,” Hubert said in a statement.