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Amazon Records Record sales

After the collapse of HMV, Jessops and Blockbuster in the last month, Amazon, one of the online retailers widely considered to have taken over a large part of the market these companies operated in, reported very contrasting results.

The company posted a set of results which showed sales had topped $21bn in the final quarter of 2012, enforcing its position as the largest online retailer in the world.

Because of the increasing failure rate of high street stores, Amazon is being seen to be enjoying a position in the market that is only getting stronger. Neil Saunders from retail analysis firm Conlumino said: “The failure of high street players will just drive more people to Amazon. Now that Jessops has gone, if you want a camera you’re more likely to go to Amazon”.

The operating profits for the final quarter stood at $405m, which beat the forecasts set for the company in October. And by the time we get to 2016, Morgan Stanley estimate that Amazon will have almost a quarter of the global online market and be worth up to $1trillion.

There has however been much controversy over Amazon’s selling of products in the UK, as they have been paying a relatively small amount of corporation tax in relation to their sales. The company has used complex foreign tax regulations to avoid paying the tax that a UK based company would have paid.

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