Cabela’s CEO joins Best Buy board
Minneapolis — Best Buy Co. announced the appointment of Thomas L. "Tommy" Millner to its board of directors. Millner is the president and CEO of Cabela`s Inc.
"Tommy is a well-regarded CEO who has successfully transitioned his organization from a traditional retailer to one that is highly respected as an effective omni-channel player," said Hatim Tyabji, chairman of the Best Buy board of directors. "Best Buy is on the same journey and Tommy`s insights will, no doubt, be valuable as the Company looks to even better serve its customers wherever and however they want."
Best Buy adds Cabela’s CEO Tommy Millner to board
Best Buy has elected Cabela’s president and CEO Thomas L. Millner to its board of directors.
“Tommy is a well-regarded CEO who has successfully transitioned his organization from a traditional retailer to one that is highly respected as an effective omnichannel player,” said Hatim Tyabji, chairman of the Best Buy board of directors. “Best Buy is on the same journey and Tommy’s insights will, no doubt, be valuable as the Company looks to even better serve its customers wherever and however they want.”
Millner became Cabela’s president and CEO in April 2009 after spending 10 years as the CEO of Remington Arms Company, a manufacturer of firearms and ammunition.
“I have the utmost regard for the work the company is doing to restore Best Buy, and I believe its transformation story has the potential to be nothing short of remarkable,” Millner said. “It is an honor to join the board.”
Before Millner’s arrival at Remington Arms Company, he was the CEO and president at the Pilliod Cabinet Company from 1987 to May 1994. Prior to that, he had served in various sales and sales management positions with Thomasville Furniture Industries and Broyhill Furniture Industries from 1976 to 1987. Millner earned a B.A. with honors from Randolph Macon College in 1976.
Millner will stand for ratification at the company’s annual shareholder meeting in June 2014.
Holiday sales met NRF expectations
Despite severe winter weather travails during the holiday shopping season, the National Retail Federation reported that December retail sales didn’t take the hit that many feared.
In fact, taking advantage of heavy promotions and last-minute deals, shoppers were able to move the December retail sales needle up 0.4% month-to-month, excluding automobiles, gas stations and restaurants, and up 4.6% year-over-year.
Total holiday retail sales, which includes November and December sales, increased 3.8% to $601.8 billion, which was in line with NRF’s projected forecast of 3.9% and $602.1 billion. In addition, non-store holiday sales, which is an indicator of online and e-commerce sales, grew 9.3% to $95.7 billion.
Consumer confidence, retailers rose to the challenge and executed their strategies with proven success,” NRF president and CEO Matthew Shay said. “Today’s holiday sales numbers are a testament to a resilient industry that knows what their customers want, when they want it and how they want to get it. Considering that retail sales are an important barometer when measuring the overall health of our national economy, this report provides a level of true optimism that the recovery is picking up steam, and once again, retail leads the way.”
December retail sales, released Tuesday by the U.S. Census Bureau, which include categories such as automobiles, gasoline stations, and restaurants, increased 0.2% seasonally adjusted month-to-month, and 4.1% adjusted year-over-year.
Other findings from the December retail sales report include:
• Building material and garden equipment and supplies dealers stores’ sales decreased 0.4 % seasonally-adjusted month-to-month yet increased 4.2 % unadjusted year-over-year.
• Clothing and clothing accessories stores’ sales increased 1.8 % seasonally-adjusted month-to-month and 4.7 % unadjusted year-over-year.
• Electronics and appliance stores’ sales decreased 2.5 % seasonally-adjusted month-to-month and 1.5 % unadjusted year-over-year.
• Furniture and home furnishing stores’ sales decreased 0.4 % seasonally-adjusted month-to-month yet increased 5.0 % unadjusted year-over-year.
• General merchandise stores’ sales were flat seasonally-adjusted month-to-month and flat unadjusted year-over-year.
• Health and personal care stores’ sales increased 0.6 seasonally-adjusted month-to-month and 5.9 % unadjusted year-over-year.
• Non-store retailers’ sales increased 1.4 % seasonally-adjusted month-to-month and 14 % unadjusted year-over-year.
• Sporting goods, hobby, book and music stores’ sales decreased 0.6 % seasonally-adjusted month-to-month yet increased 5.8 % unadjusted year-over-year.