Amazon plans new ‘major’ event in race for holiday market share

Amazon plans new ‘major’ event in race for holiday market share

Amazon (AMZN) Stocks were active on Monday after the world’s largest online retailer said it would hold a shopping event in early October to attract demand from value-focused consumers.

After moving from the target (TGT) Last week to kick off its holiday sales effort a week earlier this year, Amazon said it would host a “Prime Early Access Sale” that begins Tuesday, October 12 and will focus on those with memberships for the retailer’s Amazon Prime membership program.

Target said last week that its Target Deal Days event will begin on October 6, with its “Price Match Guarantee” running through December 24, as it looks to capture a larger share of holiday spending it’s likely to see shoppers looking for a break from. The fastest domestic inflation rates in four decades.

Deloitte’s holiday retail sales forecast, published earlier this month, suggests total holiday purchases will rise between 4% and 6% from last year to about $1.46 trillion, a marked slowdown from the 15% gain recorded over the same period. in 2021.

Deputy Prime Minister Jamil Ghani said: “We are very excited to help Prime members kick off the holiday season with Amazon’s new Prime Early Access Sale. It’s an exclusive opportunity for members to get deep discounts on top brands we know they’re looking for this time of year. the year.”

Amazon shares were down 0.03% in pre-market trading to indicate an opening bell price of $113.75 per share.

Amazon posted a second straight quarterly loss in late July, thanks in part to writing off $3.9 billion from its stake in electric car maker Rivian. (countryside) But it blew up earlier Street sales expectations and posted solid gains from the market’s leading cloud division.

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However, online store sales fell 4.3% to $50.885 billion, but with the bulk of its sales – 57% – filtered from third-party sellers, Amazon didn’t suffer from the same amount of inventory, the cash-generating internet. The services division helped offset the drop in online sales.

Amazon said it expects operating income of zero to $3.5 billion for the current quarter, which ends in September, on revenue in the range of $125 billion to $130 billion, compared with Refinitiv’s forecast of about $126.5 billion.


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