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Kiwi Apple device love affair continues as local revenue soars

By Heather Wright, Thu 10 Mar 2016
FYI, this story is more than a year old

The Kiwi love affair with Apple appears to be growing if the latest financial records for Apple Sales New Zealand are anything to go by, with the company clocking a 29% increase in revenue and a whopping 74.5% increase in gross profit last year.

The report, for the year ending 26 September 2015, shows the company made revenue of $732.0 million for the year, with a gross profit of $30.3 million. A year earlier the company recorded revenue of $568.5 million, with gross profit of $17.4 million.

Apple Sales New Zealand is the local business selling and marketing Apple products, including mobile communication and media devices, personal computers and portable digital music players, and a range of software, services, accessories, networking solutions and third-party digital content and applications.

The company’s revenue is broken out into sales of goods, accounting for $720.5 million and service fee income, which accounted for $11.5 million, showing sales of goods was the big winner for the company – up from $556.9 million in 2014, while service fee income dropped slightly to $11.5 million.

The records cover the first full year since Renaissance sold the Yoobee Retail operations to Logical Systems in early 2014.

The company recorded a foreign exchange loss of $7.4 million, well in excess of 2014’s $758,306.

At a time when international name companies are coming under flak for how little they pay in income tax here, Apple Sales New Zealand paid $8.9 million in income tax, up from $6.8 million a year earlier.

Wages and salaries were paid to the tune of $896,776, down from 2014’s $992,884.

The company ended the financial year with a total comprehensive income of $17.7 million, a 17% increase on a year earlier.

The financial report shows Apple Sales NZ closed out the 2015 financial year with $148.0 million in total equity.

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