Apple (AAPL) - Get Report is reopening at least some of its retail stores in mainland China as restrictions limiting movement and activity of both people and businesses ease but the spread of virus has yet to abate.
Citing a review of Apple’s retail websites, Bloomberg reported that Apple has reopened more than half of its previously shuttered retail stores in China, trying to rebound from a sales hit tied to the coronavirus outbreak.
As of Monday, 29 of 42 Apple stores in the country were open, albeit with shortened operating hours. The Cupertino, California-based company hasn’t yet confirmed when its remaining China stores will reopen, Bloomberg said.
Apple CEO Tim Cook said last week that retail locations in China were starting to reopen, “… but we are experiencing a slower return to normal conditions than we had anticipated.”
Analysts and investors have already predicted a slowdown in Apple’s China-dependent supply chain, as factories that produce both iPhones as well as parts for them have been shuttered since January in the wake of the outbreak, and have yet to return to full capacity.
That, in turn, is expected to impact Apple and many other companies that rely on China’s massive proverbial manufacturing machine to make their goods, and on its massive population to buy their goods and services.
An analysis of official Chinese data showed that Apple’s China iPhone shipments dropped in January as the coronavirus began to spread, according to Bloomberg.
Shares of Apple were up 0.52% at $299.72 in morning trading in New York on Tuesday. The stock ended the day Monday down 4.75% at $298.18.