Amazon posts record-setting 51% increase in Q2 sales, profits drop
Seattle — Amazon reported Tuesday that sales for the quarter ended June 30 soared 51% to $9.9 billion.
Profits dipped 8% to $191 million from $207 million on surging operating costs, but still beat Wall Street expectations.
The sales growth spanned geographies and categories, with worldwide electronics and other general merchandise sales growing the fastest at 69% to nearly $5.9 billion. Worldwide sales in the media category grew 27% to $3.66 billion. By region, sales in North America grew 51% to $5.41 billion while international segment sales grew 51% to $4.51 billion.
“Low prices, expanding selection, fast delivery and innovation are driving the fastest growth we’ve seen in over a decade,” said Jeff Bezos, founder and CEO of Amazon.com.
Jones Group Q2 net income falls on acquisition expense, beats Street
New York City — The Jones Group reported Wednesday that second-quarter earnings dropped almost 80% to $5.2 million, compared with $25.7 million in the year-ago period. The retailer and manufacturer, whose brands include Nine West and Anne Klein, cited expenses related to the acquisition of U.K. luxury footwear retailer Kurt Geiger for the poor earnings performance but results still exceeded Wall Street estimates.
Revenue for the quarter increased 3% to $887.4 million, just edging analysts’ expected $887.2 million.
Jones Group CEO Wesley Card said the company is focused on inventory planning and controlling costs in the second half of the year. “Our operating trends in the core businesses continue to improve as a result of our focus on brand management, inventory planning and controlling costs and expenses,” he said in a statement.
Toys”R”Us kindles an e-reader deal
WAYNE, N.J.— Amazon, which reported record 2Q sales, will get even more help boosting its bottom line now that Toys"R"Us will start selling the online retailer’s popular Kindle e-reader.
Beginning July 31, Toys"R"Us will offer an assortment of Amazon Kindle portable readers, as well as Kindle accessories. Models that will be available at Toys“R”Us stores include Kindle Wi-Fi in graphite, Kindle 3G + Wi-Fi in graphite and Kindle Wi-Fi with Special Offers.
Toys“R”Us will also carry a variety of accessories and cases, including the Amazon Kindle Leather Cover, Amazon Kindle Cover with Light and Amazon Kindle power adapters.
Toys"R" Us said it would promote the availability of the Kindle in its July 31 circular and offer a free $10 gift card to customers who purchase the Kindle through Aug. 6, while supplies last.