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Amazon Reports Lower Profits, Major CE Sales Increase

4/27/2011 10:04:18 AM Eastern

Seattle - While Amazon.com reported its worldwide electronics sales were up almost 60 percent in the first quarter, the online retailer posted a double-digit drop in net profit.

Worldwide electronics and other general merchandise sales grew 59 percent to $5.59 billion in the quarter ended March 31. Excluding the favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, sales grew 57 percent, Amazon reported.

Net income decreased 33 percent to $201 million in the first quarter compared with net income of $299 million in first quarter 2010.

Net sales increased 38 percent to $9.86 billion in the first quarter, compared with $7.13 billion in first quarter 2010. Excluding the $144 million favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales would have grown 36 percent compared with first quarter 2010, the online retailer said.

North America segment sales, representing the company's U.S. and Canadian sites, were $5.47 billion, up 45 percent from first quarter 2010.

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