July 24, 2002, 12:00 AM

Amazon’s Q2 sales are up 21% over Q2 last year

Net sales at Amazon.com Inc. reached $806 million in the second quarter, up 21% from $668 million in the second quarter 2001, Amazon reports.

Kurt Peters

Executive Editor

Net sales at Amazon.com Inc. reached $806 million in the second quarter, up 21% from $668 million in the second quarter 2001, Amazon reports. Operating profit was $1 million, compared with a loss of $140 million a year ago. Net loss was $94 million, compared with a second quarter 2001 net loss of $168 million,

"I`m especially pleased with the outstanding job our U.S. books team is doing -- posting another quarter of 20% year-over-year book unit growth, up from 15% growth this past fourth quarter," said Jeff Bezos, founder and CEO of Amazon.com. "Also, electronics, tools and kitchen revenues accelerated as we lowered prices and expanded electronics selection by 40%."

In June, Amazon reduced its free shipping offer to orders over $49, from its over $99 offer in January. A year ago, it reduced book prices 30% for books over $20. In April it extended the 30% discount to books over $15. It also recently reduced prices on electronics, tools and many bestselling CDs and DVDs.

Third-party transactions--items sold on Amazon.com product detail pages by other businesses and individuals--grew to 20% of North American units, representing 35% of North American orders.

International segment sales, from the company`s U.K., German, French and Japanese sites, grew 70% to $218 million.

Inventory turns improved 35% to 19 for the trailing four quarters, up from 14.

Amazon says it expected net sales in the third quarter to be between $780 million and $830 million.

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