Nintendo reports that operating profit more than doubled last quarter despite lower net sales

Nintendo had a strong quarter – for the three-month period spanning April to June, the company saw operating profit skyrocket with a 150% increase. It went from JPY 56.9 billion for the same period last year to JPY 142.5 billion (this converts to around $902 million). And this is despite net sales declining 9.5% to JPY 517.8 billion ($3.28 billion). How did this happen? Well, tariff refunds in the US worked out to around $300 million. The company writes that “the tariffs related to the refunds were primarily borne by the company rather than passed on to consumers through product prices.”...