Consumer electronics retailer Best Buy ( BBY ) early Tuesday posted better-than-expected first-quarter sales and earnings, but its soft earnings outlook and the exit of the company’s chief financial officer set investors on edge. Best Buy stock was down 7%, near 31, in early trading on the stock market today . The Richfield, Minn.-based company earned 44 cents a share excluding items on sales of $8.44 billion in the quarter ended April 30. Analysts polled by Thomson Reuters expected 35 cents and $8.29 billion. On a year-over-year basis, earnings per share rose 19%, but sales slipped 1%. For the current quarter, Best Buy is targeting EPS of 40 cents on sales of $8.4 billion. Analysts were modeling 50 cents and $8.31 billion. Best Buy also announced that CFO Sharon McCollam is stepping down on June 14 but will remain with the company in an advisory capacity through the fiscal year ending Jan. 28. Corie Barry, a 16-year veteran of Best Buy and its current chief strategic growth officer, will become the company’s chief financial officer at the conclusion of Best Buy’s annual shareholder meeting, set for June 14. Best Buy CEO Hubert Joly said strong growth in wearable fitness devices, home theater and appliances was offset by continued weakness in mobile phones and tablets in the first quarter. McCollam said she expects slight declines in revenue in the first half of the fiscal year, followed by growth in the back half. “We recognize this will be challenging without a strong mobile cycle and improvements in (consumer electronics) categories overall,” she said in a statement . Best Buy is the latest U.S. retailer to deliver disappointing Q1 reports. Others include Kohl’s ( KSS ), Macy’s ( M ), Nordstrom ( JWN ) and Target ( TGT ). RELATED: In a dark quarter for retailers, Wal-Mart shines What TJX’s Killer Quarter Means For Retailers .