Tokyo — Gaming group Nintendo shares hit an eight-year on an otherwise downbeat day for Japanese stocks, as sales prospects for its new console looked rosy. Sales of Nintendo’s Switch console, released on March 3, also drove a profit increase at GameStop, the world’s biggest retailer of games and consoles, and helped Best Buy post a surprise sales increase on Thursday. The Switch has emerged as a bright spot in a lacklustre retail industry. Last week, Target said its electronics sales "leapt forward" thanks to the Switch, which it promoted in stores and online. In April, the electronics category overall posted its first monthly gain in almost two years, according to government data cited by RBC Capital Markets. Nintendo shares shot up 5.47% to ¥33,510 in Tokyo on Friday, the highest close since January 2009, after analysts at Morgan Stanley MUFG raised their annual sales projections for the Switch console. Nintendo’s enormous success with Pokemon GO last year prompted calls for it t...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.