Tag Archives: Australia
SYDNEY (Reuters) – Online retail giant Amazon.com Inc, whose entry into Australia last year rattled established bricks-and-mortar retailers, posted a modest loss in its earliest days in the country, corporate filings show.
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City,U.S., January 29, 2016. REUTERS/Mike Segar/File Photo
Amazon’s foray into Australia was met with fevered attention from investors and a steep selldown in traditional retail stocks.
The U.S. company launched its website on Dec. 5, though it ran preparatory operations through the year, racking up a modest loss of almost A$ 9 million ($ 6.6 million).
In the Christmas trading weeks from the launch to Dec. 31, it turned over A$ 6.3 million in direct sales versus total Australian retail sales of A$ 26.3 billion that month.
These figures, however, are unlikely to be indicative of the future performance of a company that reported losses and roller-coaster results for years, but is now the second-biggest company in the world and closely watched on Wall Street.
The Australian trading period was too short for meaningful analysis, said Evan Lucas, chief market strategist at fund manager InvestSmart.
“Amazon is not the kind of company that accepts failure – they have a longer term goal.”
Amazon hit logistical snafus in Australia’s vast interior and handed eBay Inc – market leader in Australia – some victory after a move last month to block Australians from shopping on its foreign websites drew customer backlash.
A spokesman for Amazon declined to comment on the filing and directed Reuters to previous commentary about record Australian sales during a promotion in July without quantifying them.
The filing was lodged in April but the results were not reported at the time. They were first reported on Friday by the Sydney Morning Herald newspaper.
Last week, Amazon forecast strong fall sales for its overall operations and posted a $ 2.5 billion quarterly profit that was double Wall Street targets on the back of its younger businesses – cloud computing and advertising.
($ 1 = 1.3569 Australian dollars)
Reporting by Tom Westbrook; Editing by Sayantani Ghosh and Manolo Serapio Jr.
MELBOURNE (Reuters) – National Australia Bank on Saturday suffered what it described as a “nationwide outage” to some of its technology systems, leaving customers unable to access banking services or withdraw money.
Customers took to social media to vent their frustrations, with some saying they were left unable to pay for groceries or refuel their cars.
“Loyal member for 15 years and you leave me standing at the supermarket altar with a trolley full of shopping,” said one Twitter user.
The bank tweeted just after midday (0200 GMT) on Saturday that some services were coming back online.
“We’re sorry and it’s not good enough … but we’ll get it fixed as soon as possible,” Chief Customer Officer Business and Private Banking Anthony Healy said in a video posted on Twitter.
NAB is one of Australia’s four largest retail banks with a customer base of 9 million, according to its website.
The outage follows growing customer discontent with the so-called “Big Four” banks, which have suffered numerous embarrassing disclosures at an inquiry into financial sector misconduct.
A spokesman from the bank told Reuters by telephone that it was a national outage, without elaborating on its cause.
The Bank of New Zealand [BNZL.UL], a NAB subsidiary, also experienced outages on Saturday across New Zealand, but the spokesman was unable to confirm a connection between the two incidents.
Reporting by Will Ziebell in MELBOURNE; Editing by Joseph Radford
Australia has had an influx of cool international retailers set up shop recently. Zara, H&M, Uniqlo and Forever 21 are the biggest and best of the lot, but now the party is about to be crashed by their strait-laced British relative, Debenhams.
The department store is set to open in Melbourne and is expected to sign up for a 4,000-square metre space in the newly redeveloped St Collins Lane building, according to the Australian Financial Review.
It follows a franchise agreement struck between the department store and retail investment company Pepkor South East Asia last year, with plans to open 10 stores locally over the long-term, according to the Sydney Morning Herald. Read more…