Amazon CEO says retail business is being slept on
Amazon’s online store net sales in the third quarter grew 2% year over year to $68.5 billion. The company’s physical store net sales increased at the same rate to $5.7 billion.
“In stores, I think some folks are sleeping a bit on how much progress that business has made and what it’s become in the last few years,” Jassy said on the call. “I’m not aware of another retail business approaching Amazon’s revenue size — hundreds of billions of dollars, with double-digit operating margins inclusive of ads — that’s growing at this pace.”
The executive noted that fresh groceries and everyday essentials grew three times faster than the rest of the store business, as customers who shop perishables with same-day delivery purchase nearly seven times more essential units than those who don’t.
Amazon CEO says retail business is being slept on | Retail Dive