The demand for the Nintendo Switch upon release in March has helped improve Best Buy’s share price in the first quarter, with their shares rising to as much as 19% to $59.92 in New York trading.
The chain advised that their electronics sales have “leapt forward” with thanks to the new Nintendo Switch. They promoted the product both online and in their retail stores with stock selling out quickly on pre-orders.
Best Buy’s CEO Hubert Joly had stated that “the year is off to a strong start,” in a call with reporters. He also advised that, “this is a performance that shows the strength in our customer value proposition.”
On top of this, Best Buy has predicted another sales gain in the current quarter, with growth expected to range from 1.5% to 2.5%. They are also expecting a revenue of $8.6 billion to $8.7 billion.