Apple Store Revenues Soar 59% to $6.1B in Q1

Apple's retail stores continued their enviable performance in Q1 of fiscal 2012. The stores' total revenue of $6.1 billion was 59% higher than the same period the previous year, and average revenue per store increased from $12 million to $17.1 million, a 43% increase. Apple opened four new stores during the quarter, one in New York's Grand Central Terminal and three in Europe, for a total of 361 locations; the averages are based on a 358-store total.

In addition, the retailer has simplified in-store transactions with its EasyPay mobile app and added a buy online/pick up in store offering.

Apple is a retailer and also creates products used by retailers, most prominently the iPad. "Retail chains such as Bed Bath & Beyond use iPads to deliver key business metrics on the sales floor," said Apple CFO Peter Oppenheimer during a recent conference call. "Nearly all of the top companies within major Fortune 500 markets including pharma, manufacturing, hospitality, consumer precuts, financial services, healthcare and retail are actively using iPad to improve workflows, business processes and customer engagements."

Total store traffic during the quarter, which ended December 31, 2011, increased significantly to 110 million visitors, a 45% increase over the 76 million in Q1 of fiscal 2011. "That translates to an average of almost 22,000 visitors per store per week, reflecting incredible interest in our stores and our products," said Oppenheimer.

He added that Apple's EasyPay mobile app is helping to speed store transactions. Customers scan a product's barcode with their phone's camera to get the total price, including local sales tax; they can they hit a single "pay" button to charge the purchase to a card associated with their Apple Store account.

EasyPay "has significantly enhanced our ability to handle such high customer traffic levels," said Oppenheimer. "And now, with personal pickup, customers can order Macs, iPods and iPads from the Apple online store and pick up most in-stock products within one hour at the Apple Retail Store of their choice."


For related content: Target Opens Apple Stores Within 25 Locations

Apple Adds Self-Checkout and Pickup to Shopping App