Amazon Claims Record Holiday Sales
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NEW YORK -- Online retailer Amazon.com reported its best holiday sales season yet, even as sales and traffic at U.S. store chains were the weakest in decades.
Analysts have pointed to Amazon (NASDAQ: AMZN) as a rare bright spot in this year's holiday shopping season due to its scale and flexibility, as retailers try to outdo each other with deep discounts to lure consumers during a recession.
Online sales were also helped by winter storms that hit large sections of the United States on the last major shopping weekend before Christmas.
However, the company gave no financial details regarding the sales, such as how its margins fared with the discounts seen across the retail sector.
Stifel Nicolaus analyst Scott Devitt said Amazon's day of peak orders represented a 17 percent rise from a year ago, while its peak shipments represented an increase of 44 percent. He rates the share a "buy" with a $61 price target.
Amazon shipped merchandise to more than 210 countries, and said it shipped more than 99 percent of orders on time for holiday deadlines.
Amazon shares rose 3.6 percent to $53.31 on Friday, the same day it announced the sales results.