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(Pocket-lint) - Nintendo will not be dropping the price of the Wii U any time soon, irrespective of sales figures not reaching the company's pre-set targets.

Speaking during the company's quarterly address to investors, Nintendo's president Satoru Iwata said the Wii U was already being manufactured as a loss-leading product and that it would be the software that would enforce a change in its sales fortunes. "With Wii U, we have taken a rather resolute stance in pricing it below its manufacturing cost, so we are not planning to perform a markdown," he said.

"However, given that it has now become clear that we have not yet fully communicated the value of our product, we will try to do so before the software line-up is enhanced and at the same time work to enrich the software line-up which could make consumers understand the appeal of Wii U."

Read: Nintendo Wii U review

As Pocket-lint previously reported, Nintendo also posted its latest quarter financial results, which revealed that the Wii U did not hit the five-and-a-half million units sales target set by Nintendo for its launch. Instead, it sold just three million. It has now lowered expectations for the quarter ending fiscal year 31 March to just one million further sales.

Later in 2013, Nintendo is banking on new in-house titles to boost presence and sales, such as the recently announced new 3D Mario, Mario Kart and Zelda games. Pikmin 3 will also be released in "spring or summer" in the UK.

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Writing by Rik Henderson.