Apple retail sheds 1,600 full-time positions
Apple's retail store network contracted by 1,600 full-time equivalent positions during its second fiscal quarter as the economy slowed.
Apple's retail group shed about 1,600 full-time equivalent workers during its second fiscal quarter.
considering the state of the economy, but executives noted that the retail division took a hit during the quarter, with average revenue per store declining to $5.9 million from $7.1 million a year ago. With overall revenue from that segment increasing just 1 percent to $1.74 billion and with 45 new stores having been opened since last year, something had to give.
The retail arm of the company now employs 14,000 full-time equivalent workers, down from 15,600 at the end of Apple's first fiscal quarter, according to a filing with the SEC. Reports surfaced late last year that Apple was looking into ways to as a hedge against a coming recession.
Apple opened just one store during the quarter. In January it said that it plans to, which seems prudent amid a global economic downturn.