Skip to main content

Apple to build 30 new stores in coming months as profits soar

Apple_store_fifth_avenueOn the same day that Apple announced its best financial quarter ever, the Cupertino company also let on its intention to build 30 new Apple stores around the world by the end of September. The new stores will include its first in Hong Kong.

Apple Insider reports that Peter Oppenheimer, the company’s chief financial officer, said in a conference call on Tuesday that the stores had generated $3.5 billion in revenue and $828 million in profit during the second calendar quarter (Apple’s fiscal Q3).

Recommended Videos

He added that the stores, of which there are more than 300 worldwide, hosted a staggering 73.7 million visitors during the quarter.

Tim Cook, Apple’s chief operations officer, said the company was looking to build more stores in China, with Apple Insider reporting that the company could open as many as 25 of them in the country by the end of 2012.

Financial results for the quarter, announced on Tuesday, showed that profits climbed almost 125 percent to $7.31 billion on record quarterly sales totaling $28.57 billion. Apple CEO Steve Jobs said of the results: “We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent.” He added: “Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”

News that the computer giant shifted record numbers of iPhones (20.3 million – marking a 142 percent on the same period last year) and iPads (9.2 million – marking a 183 percent increase on the same period last year) in the quarter is certain to put large smiles on the faces of Apple executives and shareholders.

Besides the record number of iPhones and iPads sold, the company also shifted just under four million of its personal computers, a 14 percent increase on the same period last year.

The results come in the same week that Apple is expected to release its latest operating system for its personal computers, OS X Lion, as well as a refresh of the MacBook Air.

Topics
Trevor Mogg
Contributing Editor
Not so many moons ago, Trevor moved from one tea-loving island nation that drives on the left (Britain) to another (Japan)…
Apple’s $30M settlement over worker bag checks OK’d by court
The Apple logo is displayed at the Apple Store June 17, 2015 on Fifth Avenue in New York City

After bouncing around California courts for nearly a decade, a California federal judge has finally given the green light to Apple’s $30 million settlement in a lawsuit that accused it of failing to pay thousands of its retail workers for the time taken up by security checks after their official working hours ended.

Apple agreed to the settlement last year, and on Monday U.S. District Judge William Alsup signed off on it.

Read more
Best Buy’s new retail store looks like a true Apple Store competitor
A concept drawing of a Best Buy small format store.

Best Buy has unveiled a new digital-first small-store format in Monroe, North Carolina. Unlike the retailer's usual mega stores, this new store is only 5,000 square feet and features finely curated display models laid out in a spacious interior, not unlike an Apple Store.

Best Buy hopes customers will use their smartphones to place their orders by scanning QR codes next to display products and paying for it in the app.

Read more
Apple’s new M2 MacBook Pro can’t handle the heat — should you still buy it?
A MacBook Pro set on a table.

Apple's M2 chip found in the 13-inch MacBook Pro might struggle under pressure, found Vadim Yuryev of Max Tech on YouTube. The YouTuber tested the new MacBook Pro in order to see how it deals with extremely resource-heavy tasks.

This resulted in severe throttling upon hitting high temperatures, highlighting that Apple's design choices for the laptop might not be ideal in terms of cooling. But is this really a big deal for the intended userbase of the new MacBook Pro?

Read more