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 BAsda and Deliverect Deepen Partnership to Power Rapid Delivery Across Asda Express
SQUATWOLF’s Kuwait Flagship Store Anchors Its Regional Growth Ambitions
Global beauty icon Ulta Beauty to make Riyadh debut at Panorama Mall
/ 
For decades, Haldiram’s built deep recall across the UAE through its packaged
When House of Habanero opened its first physical location at Alserkal Avenue
Union Coop has completed a significant expansion of its Hatta Souq branch,
Saudi Arabia is set to welcome U.S. food exporters this week, as
Majid Al Futtaim has officially entered the discount retail segment with the
As convenience increasingly becomes currency in the region’s grocery landscape, Union Coop
As wellness becomes a lifestyle in the UAE, the grocery aisle is
Grandiose, one of the leading grocery retailers in the UAE with a
With shifting consumer behaviour, rising cost pressures, regulatory changes, and rapid digitization,
Union Coop’s blend of retail expansion, digital innovation, and community focus is
Abu Dhabi-based MAIR Group has marked a pivotal stage in its transformation
In a move that blurs the line between shopping and investing, Apparel
/ 
Why cinemas, wellness sanctuaries and cultural districts are becoming emotional infrastructure for
From bullion to boutiques, investment to immersion, Dubai Gold District marks a
As lives accelerate and time fragments, shoppers no longer separate “eating” from
The Inspired Home Show 2025 concluded with positive momentum, reinforcing its position
NRF Vice President of Education Strategy Susan Reda forecasts 2025’s retail trends
64 global leaders in retail will share their insights on shaping the
NRF 2025: Discussing biometrics, computer vision and more with leaders from H&M,
The Dubai Duty Free (DDF) has recorded sales of $1.94 billion up
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
Previous Article
