Amazon Chief Financial Officer Brian Olsavsky on Thursday said the company now boasts “the widest selection ever” for Prime delivery, the swift, free shipping enjoyed by its paying members. Nevertheless, as consumers headed back to stores in the first months of the year, and with inflation taking a bite out of discretionary spending, the e-retailer’s product sales took a hit.
The quarter’s results underscore how much Amazon’s own retail sales have receded compared to the rest of its business, but it remains a robust operation. Olsavsky said the company “added millions more new Prime members during the quarter.” Telsey Advisory Group analysts peg that total at about 200 million globally. New initiatives like Buy with Prime, allowing Prime members to leverage their Amazon payment and delivery when buying on other sites, its logistics and growing businesses like its pharmacy offer are “making Amazon more valuable,” Telsey analysts led by Joseph Feldman said in Friday research note.
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