Retail News

Amazon posts its biggest profit ever

Reuters 07/31/2020 posted the biggest profits in its history as online sales jumped during the pandemic. The e-tailing and tech giant reported a 40 percent increase in year-over-year sales in the second quarter and posted $5.2 billion in net income despite expecting to spend nearly $4 billion on COVID-19-related expenses. “Everyone was looking for masks; everyone was looking for gloves; everyone was buying groceries online. That mix is not super profitable,” said Amazon CFO Brian Olavsky. “What we saw in Q2 was not only did the mix start to shift back to a more normal mix” but that “we also were able to ship a lot more than we had originally thought.”

Source: Reuters


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