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AMAZON.COM, INC.

(AMZN)
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Amazon expands in Brazil, riding e-commerce boom set off by COVID-19 distancing

11/08/2020 | 10:48pm EDT
FILE PHOTO: The logo of Amazon is pictured inside the company's office in Bengaluru

SAO PAULO (Reuters) - Amazon said on Monday it had opened three more logistics centers in Brazil to take advantage of the boost the COVID-19 pandemic has given to e-commerce in South America's largest economy.

The new units are already operating in the states of Minas Gerais and Rio Grande do Sul and the capital city of Brasilia. They increase the number of Amazon logistics centers in Brazil to eight, expanding its reach to all corners of the vast country.

The expansion, which adds 75,000 square meters (807,000 square feet) of distribution space, is Amazon's biggest since it began operating in Brazil in 2012. It will create 1,500 direct jobs, the company said in a statement.

Alex Szapiro, Amazon's chief executive in Brazil, said the new centers will allow the company to immediately raise the number of cities where Amazon Prime customers can receive deliveries within two business days to over 500 from 400.

"Brazil is the country with the fastest growth in Amazon Prime subscriptions," Szapiro told Reuters, referring to the company's loyalty program, which was launched in Brazil in September last year.

In recent months, thousands of Brazilian businesses have migrated to e-commerce platforms as a result of social distancing measures and lockdown measures.

Despite the gradual easing of the measures, the migration to digital sales has continued.

Last week, MercadoLibre Inc, Latin America's e-commerce leader, announced that its net revenue in the region soared nearly 150% in the third quarter, measured in local currencies.

MercadoLibre's operation in Brazil, which accounts for more than half of its total business, more than doubled.

Other companies in Brazil, including Via Varejo, GPA and Magazine Luiza, are buying up logistics startups to ride the same e-commerce wave.

(Reporting by Aluisio Alves, Editing by Rosalba O'Brien)

By Aluisio Alves


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 1.49% 3505.44 Delayed Quote.7.63%
COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 2.90% 41.55 End-of-day quote.-44.64%
EURO / BRAZILIAN REAL (EUR/BRL) 0.41% 5.944 Delayed Quote.-5.87%
MAGAZINE LUIZA S.A. -1.41% 20.97 End-of-day quote.-15.95%
MERCADOLIBRE, INC. 1.94% 1505 Delayed Quote.-10.16%
VIA VAREJO S.A. 1.14% 15.93 End-of-day quote.-1.42%
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Financials (USD)
Sales 2021 490 B - -
Net income 2021 28 711 M - -
Net cash 2021 78 508 M - -
P/E ratio 2021 63,2x
Yield 2021 -
Capitalization 1 768 B 1 768 B -
EV / Sales 2021 3,45x
EV / Sales 2022 2,86x
Nbr of Employees 1 298 000
Free-Float 82,4%
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Number of Analysts 53
Last Close Price 3 505,44 $
Average target price 4 238,37 $
Spread / Average Target 20,9%
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Managers and Directors
NameTitle
Jeffrey P. Bezos Chairman, President & Chief Executive Officer
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Patricia Q. Stonesifer Independent Director
Thomas O. Ryder Independent Director
Jonathan Jake Rubinstein Lead Independent Director
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