- Net sales increased 17% to $59.7 billion in the first quarter, compared with $51.0 billion in first quarter 2018. Excluding the $1.1 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 19% compared with first quarter 2018.
- Operating income increased to $4.4 billion in the first quarter, compared with operating income of $1.9 billion in first quarter 2018.
- Net income increased to $3.6 billion in the first quarter compared with net income of $1.6 billion in first quarter 2018.
Two-day delivery isn’t fast enough. That’s what Amazon wants retailers to know, it seems.
The e-commerce behemoth announced it’s in the process of overhauling its core U.S. Amazon Prime delivery service to offer free one-day shipping instead two-day delivery for its members. The move will cost the company approximately $800 million and Amazon will be building “most of this capacity through the year in 2019.”
“We’re able to do this, because we spent 20 plus years expanding our fulfillment and logistics network, but this is still a big investment and a lot of work to do ahead of us,” noted SVP and CFO Brian Olsavsky.
Amazon’s competitors have been just starting to catch up with its two-day shipping capabilities. Target offered free two-day shipping for the 2018 holiday season to all consumers with no minimum purchase. Walmart, which offers free two-day shipping with a $35 order minimum, teased in a tweet post the Amazon announcement that it may be able to take its rival…