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Last Updated: Tuesday, 23 October 2007, 21:38 GMT 22:38 UK
Potter magic buoys Amazon sales
Harry Potter and the Deathly Hallows cover
Amazon.com offered discounts on the last Harry Potter novel
Sales of the latest Harry Potter book helped boost revenues in the third quarter at online retailer Amazon.

The retailer said profits in the three months to 30 September quadrupled to $80m (39m) with more online sales.

The final book in the boy wizard series, Harry Potter and the Deathly Hallows, became the fastest selling book ever upon its release in July.

But Amazon has said it will not make a profit on the title because it offered steep discounts and free shipping.

"In our view, putting customers first is the only reliable way to create lasting value for shareowners," said Jeff Bezos, founder and chief executive of Amazon.

Revenue rose 41% to $3.26bn from the same quarter last year, helped by the 2.5 million copies sold of the seventh Harry Potter book - Amazon's biggest new product release.

Amazon said it anticipated a record holiday season, with expected sales of between $5.1bn and $5.45bn.

Sales of electronics and general merchandise gained more than those of CDs and DVDs.

The retailer also saw an increase in more profitable sales by third-party sellers, who advertise their wares on the Amazon.com site.

SEE ALSO
Amazon to sell chapters of books
03 Nov 05 |  Business
Amazon warning of slow holidays
26 Oct 05 |  Business
Amazon profits dip as sales rise
26 Jul 05 |  Business
Birthday greetings to Amazon.com
12 Jul 05 |  Business

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