Amazon Sales Surge After Whole Foods Acquisition
by Jeffrey Dastin, Aishwarya Venugopal, Reuters
Posted: 2017-10-27 15:53:41 EST

Amazon.com Inc. on Thursday said its sales surged over the summer and profit trounced expectations, as shoppers jumped at “Prime Day” promotions on its website and bought groceries at its newly acquired chain of Whole Foods Market stores.

Shares rose more than 7 percent in after-hours trade.

Amazon is winning business from older, big box rivals by delivering virtually any product to customers at a low cost, and at times faster than it takes to buy goods from a physical store. It acquired Whole Foods for $13.7 billion in August to help it deliver groceries to shoppers’ doorsteps.

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