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Amazon Posts Double-Digit Q1 Net Sales, Income Gains

4/23/2008 04:36:00 PM Eastern

Seattle — Amazon.com reports double-digit gains in net sales, operating income and net income for its first quarter, ended March 31.

Net sales increased 37 percent to $4.13 billion in the first quarter, compared with $3.02 billion in first quarter 2007. Excluding the favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales grew 31 percent, compared with first quarter 2007.

Operating income increased 36 percent to $198 million in the first quarter, compared with $145 million in first quarter 2007. Excluding the $14 million favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, operating income grew 27 percent compared with first quarter 2007.

Net income increased 30 percent to $143 million in the first quarter with net income of $111 million vs. the previous year’s first quarter.

"Our sales growth this quarter was driven by low prices and millions of in-stock items available for immediate shipment," said Jeff Bezos, founder and CEO of Amazon.com. "We're grateful to our customers."

Worldwide electronics and other general merchandise sales grew 56 percent to $1.48 billion in the first quarter compared with the previous year’s $950 million, and increased to 36 percent of worldwide net sales compared with 31 percent.

North America segment sales, representing the company's U.S. and Canadian sites, were $2.13 billion, up 31 percent from first quarter 2007. And Amazon’s worldwide media sales grew 28% to $2.54 billion in first quarter 2008, compared with $1.99 billion in first quarter 2007.

Amazon said that selection for its Kindle selection continues to grow, with more than 115,000 titles now available, up from 90,000 at launch.