Apple will have invested $85 million by December 31, 2001, in its first 25 Apple retail stores, reports Bloomberg.
The company has also put together operating leases for its stores to the value of $203 million. The leases vary in length between 5 to 12 years, according to Apple's quarterly report to the US Securities and Exchange Commission (SEC) that was released yesterday.
The company anticipates making a slight profit from its stores in the next financial year, which ends September 2002, and hopes to break even during the 2001 Christmas shopping period. The company anticipates opening additional stores in 2002.
Apple opened its fourth store at the Mall of America in Bloomington, Minnesota on Saturday. Apple's first two outlets - in Glendale, California, and McLean, Virginia - took $599,000 in sales during their first two days of opening. Apple has released no further figures since they opened.