Oppenheimer

Apple's retail stores continued their enviable performance in Q1 of fiscal 2012. The stores' total revenue of $6.1 billion was 59% higher than the same period the previous year, and average revenue per store increased from $12 million to $17.1 million, a 43% increase. Apple opened four new stores during the quarter, one in New York's Grand Central Terminal and three in Europe, for a total of 361 locations; the averages are based on a 358-store total. In addition, the retailer has simplified in-store transactions with its EasyPay mobile app and added a buy online/pick up in store offering.