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To: IceShark who wrote (9657)	10/28/1998 5:43:00 PM
From: MythMan	Read Replies (1) of 86076

>>Wednesday October 28, 5:26 pm Eastern Time Amazon.com sees progress to profitability SEATTLE, Oct 28 (Reuters) - Amazon.com Inc. Chief Financial Officer Joy Covey said Wednesday the online retailer was making ''steady progress'' toward profitability in its core book sales business. ''The trend has been steady progress toward profitability,'' she said, referring to business generated on the company's main Amazon.com Internet site. But she and Chief Executive Officer Jeff Bezos said in a conference call with three reporters that the company was less concerned with profits than with building a successful business. ''We've been very consistent about our strategy,'' Bezos said. ''We believe this is a critical category formation time, and we're investing in our business in a way that is commensurate with that time.'' Bezos said he was ''extraordinarily happy'' with initial sales from the company's initial sales of music since launching the new category in June. The company posted $14.4 million in music sales in the quarter and claimed the mantle as the No. 1 online retailer of music. He said he was not concerned by last week's announcement that rival music retailers CDnow Inc. (Nasdaq:CDNW - news) and N2K Inc. (Nasdaq:NTKI - news) plan to merge, saying the entire category is growing rapidly at the expense of brick-and-mortar retailers. Covey said U.S. sales from the main Amazon.com Web site represented more than 95 percent of sales, with the company's new operations in Britain and Germany in the earliest stages. Neither Bezos nor Covey would comment on expectations for the future, saying the online category was too volatile to make predictions. Bezos said the company's 300 percent annual growth rate inevitably will slow based on the law of large numbers, but he also pointed out that Amazon.com's quarterly sales already have exceeded many analyst projections for the first quarter of 1999. Bezos also said the company continues to study the possibility of selling videos over its Web site but has made no firm plans on when or if to launch the category.<<

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