14 Jul 2010

Apple retail chain back in profit early

7:02 am on 14 July 2010

Listed company Renaissance says the Magnum Mac retail chain has returned to profitability sooner than expected.

Revenues at the 11 Apple reseller stores grew by 17% in the first three months of 2010, due to cost cutting and a reorganisation of the retailer.

It was not expected to become profitable until the end of 2010.

Renaissance says sales of Apple computers are up almost 50% and it plans to open new stores and refurbish existing ones over the next few years, as it anticipates growth.

The company will release its half year results for six months ending June, next month.