CFO Oppenheimer sees no limit to Apple sales in China
updated 03:32 pm EDT, Fri August 17, 2012
Company 'very excited' about Chinese retail expansion
Apple CFO Peter Oppenheimer on Thursday told analysts that the company sees no ceiling on growth in China, according to ISI Group analyst Brian Marshall, who participated in a conference call. Oppenheimer also remarked that he was "very excited" about the possibilities of Apple Store expansion in China, noting that Apple will be adding more outlets in Beijing, Shanghai, and several cities in which the company has yet to establish a foothold. With the exception of a shop in Hong Kong, all of Apple's current stores are split between Beijing and Shanghai.
Job listings have already appeared for stores in Shenzhen and Chengdu, and a mall in Dalian recently put up signage claiming that the world's biggest Apple Store will open there. China is an extremely important market to Apple; the country already represents about 16 percent of sales despite being relatively untapped. While much of China is too poor to buy Apple's products, burgeoning middle and upper classes have proven willing to spend money on things like iPhones and iPads.
