Online retail giant Amazon is broadening its horizons with an acquisition drive which has already begun to prove incredibly lucrative.
In recent days, the multinational retailer has reported that its third quarter (Q3) sales were up significantly on figures recorded throughout Q2.
It has said that in Q3, sales reached record highs, with net income hitting $256 million (£195 million) – a figure which it has suggested would have been unthinkable if it were not for the group’s important acquisition of grocery giant Whole Foods earlier this year.
Amazon has said that its multi-million pound takeover of Whole Foods – which has enabled it to diversify its product range by selling groceries under its ‘Amazon Pantry’ arm – has largely underpinned its Q3 sales performance.
In fact, figures suggest that Whole Foods directly contributed to £993 million worth of Amazon’s net sales throughout Q3.
Going forward, the group claims that “there’ll be a lot of integration,” as Amazon eyes up further potential tie-ins and product diversification.
The group has already announced its intentions to investigate a tie-up here in the UK with popular health and cosmetics retailer Boots, according to reports.
Meanwhile, officials at Amazon are working on improving the group’s flagship ‘two-hour’ delivery service, which was only very recently been launched.
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