Apple Inc. (NASDAQ:AAPL) again hits a new record, but this time it’s not the shares but stores.
According to Asymco analyst Horace Dediu, Apple Inc. (NASDAQ:AAPL) stores earned $57.60 per visitor for the first quarter, which is a new high. The stores of the iPhone maker, like its smartphones, are outpacing the retail industry in revenue earned per user.
Apple Stores Experienced Growth
The stores experienced a 7 percent growth in the number of visitors over the same period a year earlier. Therefore, for the quarter, Apple Inc. (NASDAQ:AAPL)’s average revenue per store came in at $13 million, which is the highest ever among the non-holiday quarter.
The average number of visitors per store for the previous 12 months came in at 250,000 per quarter an increase from 170,000 per quarter per store for 12 months prior to the first quarter of 2010. Adding of more space in the existing ones and renovations of the older stores might have helped the rise in the number of visitors, says the analyst.
In terms of sales per square foot in the United States, Apple Inc. (NASDAQ:AAPL) was again impressive, doing twice as well as Tiffany & Co. (NYSE:TIF), who is at second place, and three times better than Lululemon Athletica inc. (NASDAQ:LULU) (TSE:LLL), bagging third place.
Talking about hiring, on an average a store employs about 110 staff compared to less than half in 2007. There is a correlation between the number of visits and hiring, believes the analyst. Visitors per employee per quarter were slightly more than 2000.
The retail performance is limited to the size of the store and the number of stores, therefore, the iPhone maker is focusing more on expanding US stores and opening new stores outside the US.
According to the analyst, on an average, overall, iStores are earning about $12 per visitor per quarter
From Earnings report
In its latest earnings report, the Cupertino based company revealed that there are total 402 Apple Inc. (NASDAQ:AAPL) stores globally with 151 outside of the US. And during the year, company plans to open 30 new stores and remodel 20 stores. During the quarter, the stores earned, on an average $13.1 million in revenue per store. At the time of earnings call, CEO told that the company plans to double the number of stores in China within the next two years.