Nintendo Switch Helps Best Buy Achieve Unexpected Sales Increase

Nintendo isn't the only company benefiting from the early success of its new Switch; Best Buy sales have also risen thanks in part to demand for the hybrid console (via Bloomberg).

The company revealed that comparable-store sales rose 1.6% in the first quarter of the fiscal year, which ended April 29. This growth came as a surprise to analysts, who had projected same-store sales would decline 1.5%. Laptops also saw "robust gains" for the chain thanks to new high-end offerings from Microsoft and other suppliers. As a result, Best Buy shares hit their highest point in nine months, closing on Wednesday at $59.92.

Since launching back in March, Switch has shipped over 2.74 million units worldwide and was the No. 1 selling console in the US for the months of March and April. Nintendo's share price hit a seven-year high this week largely due to strong demand for the new system, exceeding the temporary jump the company experienced last year following the release of Pokemon Go.

Other companies are also experiencing positive effects from the console; GameStop reported an increase of year-over-year sales thanks in part to "robust" Switch sales, which are outpacing Wii sales through the system's first two months. According to the company, Switch systems have been selling out before they even arrive at its warehouses, and GameStop expects supply shortages to continue throughout the year. Retail chain Target also says its electronics sales "leapt forward" because of Switch.