Jeff Bezos, founder and CEO, Amazon
It was a “highly unusual quarter” for Amazon in the words of founder and CEO Jeff Bezos, as the global online retailer announced its financial results for its second quarter ended June 30, 2020.
During the quarter, Amazon’s operating cash flow increased 42% to $51.2 billion for the trailing 12 months, compared to $36 billion for the same period ended June 30, 2019. During the quarter, the online retailer’s net sales increased 40% to $88.9 billion, compared to $63.4 billion during the second quarter of 2019.
Commenting on why it was a “highly unusual quarter” for Amazon, Bezos said, “This was another highly unusual quarter, and I couldn’t be prouder of and grateful to our employees around the globe. As expected, we spent over $4 billion on incremental COVID-19-related costs in the quarter to help keep employees safe and deliver products to customers in this time of high demand – purchasing personal protective equipment, increasing cleaning of our facilities, following new safety process paths, adding new backup family care benefits and paying a special thank you bonus of over $500 million to front-line employees and delivery partners.”
“We’ve created over 175,000 new jobs since March and are in the process of bringing 125,000 of these employees into regular, full-time positions. And third-party sales again grew faster this quarter than Amazon’s first-party sales. Lastly, even in this unpredictable time, we injected significant money into the economy this quarter, investing over $9 billion in capital projects, including fulfillment, transportation and AWS,” he added.
Further, Amazon has increased grocery delivery capacity in the US by over 160% and tripled grocery pickup locations to support customers during COVID-19. Online grocery sales tripled in the second quarter when compared with the same period last year.
For all the latest retail news from the Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha B / 
Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in
“Retail is a people’s business. When building a retail brand or the
From being one of the first retailers in Dubai to ban single-use
For starters, Rabbit is a growing e-commerce grocery platform in Egypt always
In 2024 grocery retail major Choithrams has achieved several milestones underscoring its
Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital
The regional grocery retail market is evolving fast keeping pace with constantly
From ethical and local sourcing to adopting cutting-edge technologies to curb food
The regional grocery retail market is becoming more and more diverse, offering
Spinneys, the leading premium fresh food retailer, has announced the opening of
Spinneys has announced the launch of The Kitchen by Spinneys, its first-ever
/ 
In what comes as a significant announcement, Middle East based eyewear majors
Emirati Gen Z women are seeking collaborative, culturally diverse and creatively enriching
GMG’s Everyday Goods – Retail division celebrates expansion milestone hitting 60 stores
Among several others, three key factors have fuelled the growth of homegrown
Empowering women, transforming communities: The rise of female-led businesses in Times Square Center
In its central Dubai location, Times Square Center stands not just as
One of UAE’s leading fresh food retailers, Spinneys has announced its intention
Acting as a bridge between Brazil and GCC markets offering a compelling
Commonly cited statistics indicate that around 20% of new businesses fail during
Louis Philippe, renowned for its premium merchandise spanning apparel, footwear and accessories,
Previous Article
