Tags: nintendo | switch | best buy | 1st quarter

Best Buy Quarterly Sales Saved by Nintendo Switch

Image: Best Buy Quarterly Sales Saved by Nintendo Switch
(Best Buy)

By    |   Friday, 26 May 2017 05:48 AM

Nintendo Switch, a video game console, helped boost retailer Best Buy to a sales gains in the first quarter, surprising analysts who expected a decline, reported Bloomberg. The news pumped up shares to a six-month high.

Comparable-store sales for Best Buy rose 1.6 percent, topping analysts' projections, reported Bloomberg. Target Corp. announced a "leap forward" in its sales last week courtesy of the Switch as well, per Bloomberg.

The $300 console has sold out nearly everywhere since its release.

The Switch is a hybrid between the traditional home consoles and a handheld game machines played by millions around the globe, and Nintendo's share priced jumped to a seven-year high because of the Switch, reported The Guardian.

"They're basically making a more robust digital content strategy," Piers Harding-Rolls, the head of games research at IHS Markit, told CNN. There are high expectations for the company's mobile games, he said.

Nintendo's share prices increased 102 percent from a year ago, rising to roughly $285.

"We are pleased today to report strong top and bottom line results for the first quarter of fiscal 2018," Hubert Joly, chairman and chief executive officer, said in a Best Buy statement. "Our Q1 performance reflects the strength of our customer value proposition and continued momentum in the execution of our strategy.

Best Buy chief financial officer Corie Barry said in the company's statement that Best Buy should continue to see growth.

"Our second quarter guidance reflects the continuation of much of the positive category momentum we saw in the first quarter, as well as the increased level of growth investments included in our initial annual guidance," Barry said in the statement.

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Nintendo Switch, a video game console, helped boost retailer Best Buy to a sales gains in the first quarter, surprising analysts who expected a decline, reported Bloomberg. The news pumped up shares to a six-month high.
nintendo, switch, best buy, 1st quarter
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2017-48-26
Friday, 26 May 2017 05:48 AM
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