April 24, 2002, 12:00 AM

Amazon’s sales go up while its book prices go down

Amazon reported that sales in the first quarter grew 15% over Q1 last year. It also announced that it will discount by 30% all books over $15.

Kurt Peters

Executive Editor

 

Amazon.com Inc. continues to put pressure on the bookselling market. It announced today that it will discount all books over $15 by 30%. Last July, it began discounting all books over $20.

At the same time it announcer t he discounting, it also reported that sales in the first quarter were $847 million, up 21% from $700 million in the first quarter of 2001.

Net loss for the first quarter was $23 million compared with a net loss of $234 million in first quarter 2001. The company reported first quarter 2002 operating profit of $2 million, compared with an operating loss of $217 million a year ago.

Amazon also reported that Marketplace, which sells new, used and refurbished items sold on Amazon.com by small businesses and individuals, equaled 23% of total U.S. orders and 12% of U.S. units, compared with 4% of U.S. orders and 2% of U.S. units a year ago. It also said sales from the company`s U.K., Germany, France and Japan sites, grew 71% to $226 million. Including sales from the U.S. site, more than one-third of the Company`s sales were made to international customers.

U.S. Books, music, and DVD/video sales grew 8%. U.S. electronics, tools and kitchen sales grew 8% to $126 million. Annualized inventory turns reached 18, up from 13.

 

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