Profits double at Amazon

Amazon saw its profits rise by 102 per cent during the second quarter boosted by strong sales of both electronics and media, despite rising concerns over falling consumer confidence both in the UK, as well as in the US and other international markets.

Boosted in part by rising fuel costs, the retailer has seen sales on the site soar with revenues following, up 41 per cent over the same period in 2007.

Sales of electronics, which include PCs, consoles, televisions and other gadgets were up 58 per cent worldwide to $1.53 billion (£795 million) compared to $0.97 billion (£488 million) in 2007. Media sales (games, DVDs and music) were up by 31 per cent to $2.41 billion (£1.21 billion) in contrast to 2007’s figures, which were $1.83 billion (£920 million) for the same period.

The retailer’s international sales continued to gain on America’s, with the UK, France, German, Japanese and Chinese sites contributing $1.89 billion, compared to the US and Canada’s sites figure of $2.17 billion (£1.09 billion).

Amazon’s chief executive Jeffery P. Bezos put some of the increase down to the price of petrol: "Even just driving ten miles to the store can mean a few dollars," he told investors in the firm’s earnings call. "We think consumers are taking that into account."