Amazon Reports Stellar 4th Quarter
Retail giant Amazon.com reported that its net sales increased 21 percent, to $87.4 billion in the fourth quarter of its 2019 fiscal year, compared with $72.4 billion in the fourth quarter of its 2018 fiscal year.
For the 2019 fiscal year, net sales increased 20 percent to $280.5 billion compared with $232.9 billion in 2018, said Jeff Bezos, Amazon’s founder and chief executive officer. In an earnings statement, he said that the retailer’s Prime membership is growing and has been a driver of its business.
“More people joined Prime this quarter than ever before, and we now have over 150 million paid Prime members around the world,” he said.
Amazon also provided guidance for the first quarter of its 2020 fiscal year. Net sales are expected to grow between 16 percent and 22 percent, to $69 billion to $73 billion.
In an earnings statement, Amazon executives mentioned a myriad of businesses ranging from entertainment projects to technology to grocery. Fashion is part of the mix. Amazon expanded categories of its house brand Goodthreads, which now offers women’s styles. New brands introduced on the site include Tissot, Swatch and Vineyard Vines.