Move over Wal-Mart and Amazon. There's a new retail king in the United States, as measured by sales growth. In the first quarter of 2011, Apple was the top dog among all US retailers, capturing a staggering 20% of all sales growth among publicly traded retailers.
"Total U.S. sales among public retailers, including auto parts dealers, Internet companies, and electronic retailers, grew by $23.2 billion in the first quarter," reveals retail sales expert David Berman in Wednesday's edition of USA Today. "After Apple, the biggest chunk of U.S. sales growth came from Amazon.com and Wal-Mart stores."
As the report acknowledges, sales at Apple retail stores exploded during Q1, up 90% to $3.2 billion. Two little products in particular - the iPhone and iPad - helped boost those numbers drastically. Nonetheless, Apple's overall share of the quarter's revenue in the US reflects a still-struggling US retail sector that can't fully shake the economic blues of the times.
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."
Source: USA Today