American multinational company Amazon has reported a net sales rise of 13 per cent year-over-year (YoY) to $143.3 billion in the first quarter of fiscal 2024 (Q1 FY24). This increase is up from $127.4 billion reported in the same period last year. Despite a $0.2 billion unfavourable impact due to fluctuations in foreign exchange rates, the net sales growth rate remained steady at 13 per cent.

The North America segment led the way with a 12 per cent increase in sales, amounting to $86.3 billion. The International segment also showed significant growth, with sales increasing by 10 per cent to $31.9 billion. Adjusting for foreign exchange rate changes, international sales saw an 11 per cent rise, the company said in a news release.

There was a remarkable improvement in operating income, which surged to $15.3 billion in the first quarter, a substantial leap from $4.8 billion in the first quarter of FY23. This growth was reflected across the board. The North America segment's operating income climbed to $5 billion from $0.9 billion, while the international segment turned around a $1.2 billion loss from the previous year into a $0.9 billion gain.

Net income also saw a significant rise, reaching $10.4 billion, or $0.98 per diluted share. This compares favourably with the $3.2 billion, or $0.31 per diluted share, recorded in the first quarter of FY23.

“It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results,” said Andy Jassy, Amazon president and CEO. “Our stores business continues to expand selection, provide everyday low prices, and accelerate delivery speed (setting another record on speed for Prime customers in Q1) while lowering our cost to serve.”

Fibre2Fashion News Desk (DP)

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