Amazonís physical store sales drop despite booming first quarter
Executives cite strong customer response to Amazon Fresh supermarkets
Russell Redman, Supermarket News
Apr 30, 2021
Physical store sales at Amazon fell by double digits in the fiscal 2021 first quarter, even as the retail giant saw overall net sales jump more than 40% and adjusted earnings per share come in 65% higher than Wall Streetís forecast.
For the quarter ended March 31, net sales again topped the $100 billion mark, totaling $108.52 billion, up 43.8% from $75.45 billion a year earlier, Seattle-based Amazon reported after yesterdayís market close. Excluding the $2.1 billion favorable impact from foreign exchange rate changes, sales grew 41% year over year, the company said.
Online sales surged 44% to $52.9 billion in the first quarter from $36.65 billion a year ago and were up 41% excluding foreign exchange. Sequentially, online sales were down 20.4% from the fourth quarter, which included the holiday sales period.
Amazonís physical store sales, which include Whole Foods Market, declined 15.5% (no impact from foreign exchange) in the fiscal 2021 first quarter to $3.92 billion from $4.64 billion in the 2020 quarter. That followed an 8% year-over-year decline in the fourth quarter. Brick-and-mortar store sales also were down 2.5%...