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Amazon says its Diwali sales off to a good start, Retail News, ET Retail


Amazon says its Diwali sales off to a good startBENGALURU: Amazon said sales during its Prime Day event held in the country in August had been “very strong” and that its ongoing Diwali sales were also off to a good start.

“…we’ve had a very strong Prime Day, and Diwali is off to a good start…,” Brian Olsavsky, Chief Financial Officer of Amazon Inc said in a call with analysts after the announcement of its third quarter results on Thursday.

The US-based online retailer posted a 37% YoY growth in international sales to $25.2 billion in the quarter ended September 30, while profits from the international segment shot up to $407 million.

In comparison, Amazon’s international sales in the third quarter of 2019 stood at $18.3 billion on a loss of $386 million. Olsavsky said high volumes and leverage in markets like the UK and Germany were creating profits in the international segment ahead of schedule.

Amazon says its Diwali sales off to a good start
He added that investment in its international business, including in India, should get back to previous levels once the pandemic subsides.

“The high volumes and the leverage we’re seeing, particularly in places like the UK and Germany, is creating profitability ahead of schedule. But we should get to the level of investment that continued and we see that we’re committed to continuing that even after the pandemic,” Olsavsky said.

Its international business has turned profitable only after the Covid-19 pandemic, having made a rare operating profit of $345 million in the second quarter.

Overall, Amazon reported record sales in the three-month period, with revenue growing by 37% to $96.2 billion and profit almost trebling to $6.3 billion, on strong sales, resurgence of digital advertising and robust performance of its cloud computing business, Amazon Web Services.





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