Apple Computer (Cupertino, Calif.) reported essentially flat revenue for its fourth quarter of 2002.
The computer maker and retailer further said it expected only a slight increase in revenue for its first quarter of 2003 (which includes the upcoming holiday shopping season).
While the company said it shipped 14 percent fewer computers during the quarter than it had a year ago, it was heartened by the strong performance of its growing retail chain. The company added nine stores during the three-month period, giving it a total of 40 stores nationwide. Revenues from its stores increased by 63 percent over last year. The stores averaged $12 million in sales. Apple says it plans to open another 10 stores by Thanksgiving.
“Some people said we were crazy [for starting a retail chain],” said ceo Steven Jobs, “but we've built a $400 million business from scratch in a year.”