Needham & Company: Retail Sales - Apple (AAPL) Same-Store Sales Growth Stalls in the June Quarter
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Needham & Company: Retail Sales - Apple Same-Store Sales Growth Stalls in the June Quarter
Analyst, Charlie Wolf, said, "Apple (Nasdaq: AAPL) Store same-store sales grew just 3.2% in the June quarter, down from 23.3% in March. Estimated non-Mac same-store revenues increased 10.8%, although that was down from 41.7% in March. Reflecting new product introductions late in the quarter and possibly some cannibalization of Mac sales by the iPad, same-store Mac unit sales fell 8.8%. Despite a continuing expansion of the Apple Store footprint, store revenues have not kept pace with the growth in Apple’s revenues because of the rapid expansion of the company’s iPhone and iPad distribution network. We expect this trend to continue."
Other highlighted points include: 1) The success of the Apple Stores is revealed in the growth of annual same-store sales. Over the nine-year period between 2002 and 2011, same-store sales grew at a compounded annual rate of 17.8%; 2) International stores represented 33% of the 372 stores opened at the end of June. The shift in geographic focus reflects the increasing percentage of Apple’s sales coming from abroad...In the June quarter, international sales accounted for 62% of the company’s worldwide sales, the same percentage as a year ago, but up from 44% in June 2009.; 3) The Apple Stores continue to play a vital role in building the Apple brand. Indeed, they are the “face” of Apple.
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Analyst, Charlie Wolf, said, "Apple (Nasdaq: AAPL) Store same-store sales grew just 3.2% in the June quarter, down from 23.3% in March. Estimated non-Mac same-store revenues increased 10.8%, although that was down from 41.7% in March. Reflecting new product introductions late in the quarter and possibly some cannibalization of Mac sales by the iPad, same-store Mac unit sales fell 8.8%. Despite a continuing expansion of the Apple Store footprint, store revenues have not kept pace with the growth in Apple’s revenues because of the rapid expansion of the company’s iPhone and iPad distribution network. We expect this trend to continue."
Other highlighted points include: 1) The success of the Apple Stores is revealed in the growth of annual same-store sales. Over the nine-year period between 2002 and 2011, same-store sales grew at a compounded annual rate of 17.8%; 2) International stores represented 33% of the 372 stores opened at the end of June. The shift in geographic focus reflects the increasing percentage of Apple’s sales coming from abroad...In the June quarter, international sales accounted for 62% of the company’s worldwide sales, the same percentage as a year ago, but up from 44% in June 2009.; 3) The Apple Stores continue to play a vital role in building the Apple brand. Indeed, they are the “face” of Apple.
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