Amazon continues to see sales surge as more shoppers buy online amid coronavirus concerns and as the retailer tests new tech such as a way to pay by the palm of the hand.
In its first quarter report ended March 31, Amazon.com Inc. saw net sales increase 44% to $108.5 billion compared with $75.5 billion Q1 2020. Operating income increased nearly $9 billion for the quarter and net income increased $8.1 billion. Operating cash flow increased 69% to $67.2 billion, compared with $39.7 billion a year ago.
Net online sales were up 44% for the year, although slightly lower compared with Q4 2020, factoring in some slowdown among an easing around pandemic restrictions and where it was seeing revenue record gains. Physical stores reported a 16% decline, year over year, however last month Amazon announced a robust private label brand with Aplenty that could bolster physical stores.