“Apple is taking a massive bite out of retail sales in the U.S., new research shows,” Scott Patterson reports for USA Today. “Booming demand for the technology giant’s iPhone, iPad and Macintosh personal computers has made Apple the fastest-growing major retailer in terms of sales growth in the U.S.”
“In the first three months of 2011, Apple’s U.S. sales rose by $4.6 billion, an 80% increase from a year ago,” Patterson reports. “That increase accounted for one-fifth of all sales growth by publicly traded retailers in the U.S., according to a recent analysis of sales trends by retail sales expert David Berman. In part, that’s a reflection of poor sales among most retailers. But it also highlights how Steve Jobs’ technology giant is grabbing a big slice of market share in everything from smartphones to PCs.”
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Patterson reports, “Apple’s sales are ‘mind-boggling,’ says Berman, whose quarterly DeeBee Index is closely watched by the retail industry. Berman’s New York hedge fund, Durban Capital, owns shares of Apple. ‘People don’t realize how much money has been diverted to Apple.'”
“Apple sales are rising sharply outside the U.S. as well. In the Asia-Pacific region, sales rose 151% to $4.7 billion in the quarter that ended March 26. Europe sales were up 49% to $6 billion,” Patterson reports. “Analysts expect Apple’s sales to keep growing at a double-digit pace for the next few years. Morningstar analyst Joseph Beaulieu thinks Apple can achieve a 20% average revenue growth rate for the next five years, even without the introduction of new products.”
Read more in the full article here.
[Thanks to MacDailyNews Readers “Manny S.” and “Carl H.” for the heads up.]