Ecommerce earnings recap: What you missed from Amazon, Apple

The latest ecommerce earnings results are out from retailers in Digital Commerce 360’s Top 1000 Database. Amazon, ranked No. 1 in the database, saw net sales rise 11% to $158.9 billion in its third quarter ended Sept. 30, boosted by its Amazon Stores business. Meanwhile, Apple’s revenue for the quarter ended Sept. 28 reached a record $94.9 billion. That’s up 6% from the year-ago quarter, driven by a 6% increase in iPhone sales. Read more ecommerce earnings coverage here.

Parentheses indicate the merchant’s ranking in the Top 1000, unless otherwise stated. The database ranks North America’s largest ecommerce retailers by their annual web sales.

This week’s ecommerce earnings takeaways

Amazon.com, Inc.’s net sales increased 11% year over year to $158.9 billion.
Apple reported its highest-ever revenue for the September-ended quarter, reaching $94.9 billion and products revenue up 4% year over year.
Crocs, Inc. revenue grew 2% year over year in its most recent quarter, while its Hey Dude revenue fell 17.4%.

1-800-Flowers.com, Inc. (No. 50)

Q1 2025: 1-800-Flowers.com, Inc. saw a 10% decrease in total consolidated revenues for its fiscal 2025 first quarter ended Sept. 29, falling to $242.1 million from $269.1 million in the same period last year.

Within the segment, ecommerce revenues fell 8.6% to $193.2 million. That was down from $209.9 million in Q3 2023. The company cited a 6.5% decrease in orders and a 1.5% drop in Average Order Value (AOV). Ultimately, 1-800-Flowers.com reported a net loss of $34.2 million, compared to a net loss of $31.2 million in the previous year.

“Our first quarter performance generally came in line with our expectations, as we began to see a slight improvement in our ecommerce revenue trends during the quarter, our gross profit margin continued to grow, and we reduced expenses as a result of our Work Smarter initiatives to operate more efficiently,” CEO Jim McCann said in the earnings statement.

McCann said the company expects positive trends in ecommerce earnings and revenue to accelerate as the holiday season approaches. It also expects additional revenue gains from increased wholesale orders this year.

Alphabet, Inc. (No. 77)

Q3 2024: Alphabet, Inc., Google’s parent company, reported a 15% year-over-year increase in consolidated revenues for the third quarter ended Sept. 30. The revenues reached $88.3 billion, up from $76.7 billion in Q3 2023. Net income rose 34% to $26.3 billion, compared to $19.7 billion in the same period last year.

For the quarter, Google Services revenues rose 13% to $76.5 billion. Drivers included solid performance in Google Search, subscriptions, platforms, devices and YouTube ads.

Google Cloud revenues climbed 35% to $11.4 billion. The gains were fueled by demand for AI infrastructure, generative AI solutions and core cloud computing products.

In the earnings report, CEO Sundar Pichai pointed out that new AI features in Search are broadening user capabilities and experiences. He also said AI-driven solutions in its cloud are boosting product adoption and attracting new clients and larger contracts. Moreover, he noted that YouTube’s combined ad and subscription revenues exceeded $50 billion over the last four quarters for the first time.

“The momentum across the company is extraordinary,” Pichai said. “Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools.”

Amazon.com, Inc. (No. 1)

Q3 2024: Amazon.com, Inc. reported an 11% increase in net sales, reaching $158.9 billion for its fiscal third quarter ended Sept. 30. That’s up from $143.1 billion in Q3 2023. Operating income grew year over year to $17.4 billion from $11.2 billion. Meanwhile, net income increased to $15.3 billion, compared to $9.9 billion in Q3 2023.

During the Q3 earnings call, CEO Andy Jassy said Amazon’s Stores business saw a 9% year-over-year sales increase in North America. Sales were also up 12% internationally.

“At a time when consumers are being careful about how much they spend, we’re continuing to lower prices and ship even more quickly, and we can see this resonating with customers as our unit growth continues to be strong and outpace even our revenue growth,” Jassy said.

On the technology front, Amazon introduced AI-driven features to help improve both customer and seller experiences. This included the expansion of Rufus, its generative AI shopping assistant, to international markets such as Canada and the U.K. The company also launched AI Shopping Guides to simplify product research by merging category insights with its catalog. For sellers, it unveiled Project Amelia, offering tailored business insights to boost productivity.

Ahead of the holiday season, Amazon plans to hire 250,000 U.S. employees. CEO Andy Jassy highlighted major upcoming initiatives. Those included “tens of millions of deals,” an NFL Black Friday game, and more than 100 new cloud and AI features.

Apple, Inc. (No. 3)

Q4 2024: Apple reported earnings for its fiscal 2024 fourth quarter ended Sept. 28, with revenue hitting $94.9 billion — a 6% increase year over year and a record for the September quarter.

Products revenue was $70 billion, up 4% year over year. That was driven by growth in iPhone, iPad and Mac sales, chief financial officer Luca Maestri said during the earnings call.

Apple’s iPhone revenue hit a September-quarter record of $46.2 billion. That was up 6% year over year, with growth across all regions. Services revenue reached an all-time high of $25 billion. The total marked a 12% increase year over year. Apple credited strong performance worldwide and double-digit growth across most service categories.

The quarter included Apple’s latest product launches, including the iPhone 16 lineup, Apple Watch Series 10 and AirPods 4. Apple also launched new features focused on hearing health and sleep apnea detection, CEO Tim Cook said in a corporate news release. Last week, the company launched its first Apple Intelligence features. Those features prioritize privacy in AI and strengthen Apple’s product lineup ahead of the holiday season, Cook added.

Looking ahead, Apple expects December-quarter revenue growth in the low to mid-single digits year over year. It also anticipates continued double-digit growth in services revenue at a similar pace to fiscal 2024.

Crocs, Inc. (No. 97)

Q3 2024: Crocs, Inc. reported consolidated revenue of $1.06 billion for the third quarter, a modest 2% increase from $1.05 billion a year ago, driven by growth in direct-to-consumer (DTC) sales. DTC revenue rose 4.4% for the quarter ended Sept. 30.

The Crocs brand alone saw revenue climb 7.4% to $858 million, with balanced channel growth. Specifically, Crocs’ DTC revenue grew 7.7% to $463 million, while wholesale revenue rose 7.1% to $396 million.

Its Hey Dude Shoes brand faced challenges, however, with revenue declining 17.4% to $204 million. DTC sales for Hey Dude fell 9.3% to $91 million, and wholesale revenue fell 22.9% to $113 million.

“We have sharpened our strategy around Hey Dude as we work to create higher brand relevance through our product and marketing initiatives,” CEO Andrew Rees said in the earnings statement. “While we are seeing early green shoots from these actions, Hey Dude’s recent performance and the current operating environment are signaling it will take longer than we had initially planned for the brand to turn a corner.”

Looking ahead, Crocs revised its full-year outlook. It expects total enterprise revenue growth of about 3%, down from the previous 3% to 5% forecasts. The Crocs brand’s revenue growth estimate is narrowed to 8%. Meanwhile, Hey Dude’s is projected to decline 14.5% — deeper than previous estimates of 8% to 9% — reflecting lower-than-expected sellouts in both wholesale and digital channels.

Etsy, Inc. (No. 20 in Global Online Marketplaces Database)

Q3 2024: For Etsy’s fiscal third quarter ended Sept. 30, 2024, the marketplace’s gross merchandise sales (GMS) — the total value of items sold on its platforms — fell 4.1% to $2.92 billion. That’s down from $3.04 billion in the same period a year earlier. This marks the fourth consecutive quarterly decline in Etsy GMS.

On a more positive note, Etsy’s revenue rose 4.1% year over year to $662.4 million. That’s up from $636.3 million in Q3 2023.

Microsoft, Corp. (No. 83)

Q1 2025: Microsoft Corp.’s revenue climbed 16% to $65.59 billion, up from $56.52 billion a year ago, in its fiscal first quarter ended Sept. 30.

Operating income rose 14% to $30.55 billion, compared to $26.90 billion a year ago. Net income also grew 11% to $24.67 billion, up from $22.29 billion during the same period in the previous year.

Microsoft Cloud revenue reached $38.9 billion, up 22% year over year. The Productivity and Business Processes segment — including Microsoft 365 commercial and consumer products and LinkedIn — saw revenue rise 12% to $28.3 billion. Its Intelligent Cloud division posted $24.1 billion in revenue, a 20% increase. Elsewhere, server products and cloud services grew 23%, fueled by a 33% boost in Azure and other cloud services.

“AI-driven transformation is changing work, work artifacts, and workflow across every role, function, and business process,” CEO Satya Nadella stated in the earnings release. “We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage.”

Revenue in the More Personal Computing segment hit $13.2 billion. That was up 17%, bolstered by a 61% jump in Xbox content and services. That growth was driven by Microsoft’s October 2023 acquisition of Activision Blizzard.

Looking ahead to Q2, Microsoft chief financial officer Amy Hood said customer demand for the company’s differentiated solutions is expected to drive solid growth.

“We are the market leader when it comes to knowledge-based copilots and agents in the enterprise space, and we are focused on continuing to gain share across our productivity solutions,” she said during the earnings call.

Microsoft expects revenue in Productivity and Business Processes to increase by 10% to 11%. That would put it at $28.7 billion to $29 billion, with M365 commercial cloud revenue projected to grow around 14%.

Peloton Interactive, Inc. (No. 48)

Q1 2025: Peloton reported revenue of $586.0 million for the three months ended Sept. 30. That was down 2% from $595.5 million in the year-ago quarter. Revenue included $159.6 million from Connected Fitness Products. That was down 11.6% year over year. Subscription Revenue reached $426.3 million, up 2.7% year over year.

The company has been rebranding this year, evolving from only an in-home bike provider to a full fitness solution. The shift comes as it upgrades products and content to address a post-pandemic drop in Connected Fitness and app subscriptions.

Last month, Peloton named Peter Stern, a Ford executive and co-founder of Apple Fitness+, as its new CEO and president, effective Jan. 1, 2025, to steer the company into its next growth phase. Stern will be the third CEO in Peloton’s history, succeeding interim co-CEOs Chris Bruzzo and Karen Boone. While Bruzzo has departed, Boone will remain until Stern takes over in January.

For its fiscal first quarter, Peloton reported total operating expenses, including restructuring costs, were reduced by 30.3% from the year prior to $291.2 million. Its net loss was narrowed significantly to $900,000, down from $159.3 million in the year-ago quarter.

“Our Q1 FY25 results reflect continued progress toward Peloton’s overarching financial goal of making our business sustainable and profitable for the long term,” the company stated in its Q1 FY2025 shareholder letter. It added that it’s achieving cost savings targets faster than expected.

Peloton ended the quarter with 6.2 million members, down 3% year over year. The total included 2.9 million Paid Connected Fitness subscribers and 582,000 Paid App subscribers, down 2% and 25%, respectively. The company said it is closing retail stores and testing a smaller store concept. It is also expanding third-party retail, with the Peloton Bike+ now available at 300 Costco locations and Costco’s website for a limited time.

Looking ahead, Peloton said it plans to align its cost structure for $200 million in run-rate savings by fiscal year-end. It also expects to improve unit economics and strategically invest in product innovation and marketing.

VF Corporation (No. 41)

Q2 2025: VF Corporation reported Q2 fiscal 2024 revenue of $2.8 billion, down 6% year over year but showing improvement over the previous quarter’s 10% decline. Direct-to-consumer (DTC) revenue for the quarter ended Sept. 28 was $914.9 million. That’s an 8% drop from $997.5 million in the same period last year.

The company’s biggest brand, The North Face, recorded a 3% revenue decrease to $1.09 billion. That compared to $1.13 billion in the year-ago quarter. During the quarter, The North Face launched its first global brand campaign in over three years, generating a strong response on digital media, CEO Bracken Darrell said during the earnings call.

Vans, its second-largest brand, saw an 11% decline in revenue to $667.4 million. However, this was an improvement from the previous quarter’s 21% year-over-year drop.

Darrell noted that the quarter met expectations and showed sequential and broad-based year-over-year improvements. In the earnings report, he cited progress with the company’s “Reinvent” priorities, with VF on track to achieve its $300 million savings target by the end of fiscal year 2025.

“Our Americas regional platform is fully operational and showing promising signs, while the performance at Vans is improving,” Darrell said. “In summary, we advanced our turnaround plan towards a return to growth and strong, sustainable value creation at VF.”

Other recent ecommerce earnings results

Alibaba Group Holding Limited

Q1 2025: Alibaba reported a 4% revenue increase year over year to $33.5 billion in its fiscal first quarter ended June 30, 2024. During the same period, net income dropped 27% to $3.31 billion.

Alibaba owns the world’s two largest online marketplaces by gross merchandise value (GMV), Taobao and Tmall. Taobao ranks No. 1 in the Global Online Marketplaces Database, Digital Commerce 360’s ranking of the largest such marketplaces by third-party GMV. Tmall ranks No. 2. Both operate in China.

Carter’s, Inc. (No. 81)

Q3 2024: Carter’s, Inc. reported that net sales fell 4.2% year over year to $758.5 million in its fiscal third quarter ended Sept. 30. The company, whose brands include OshKosh B’gosh, Skip Hop and Little Planet, reaffirmed its end-of-year outlook but cited inflation and higher interest rates as putting pressure on its customers’ budgets.

In its earnings call for the quarter, Sean McHugh, treasurer at Carter’s, said that Carter’s was seeing 38% of its digital orders being supported by its physical stores, more than the 35% it recorded last year. In addition, he cited “a 12% lift in omni-channel sales in the third quarter.”

“When we open stores, we see a lift in ecommerce sales and when we close stores, we see ecommerce sales in the related market decrease,” McHugh noted. “Increasingly, consumers enjoy the convenience of shopping online and picking up their purchase the same day in our stores.”

Deckers Brands (No. 51)

Q2 2025: Deckers Brands said net sales were up 20.1% year over year to $1.3 billion during its fiscal second quarter ended Sept. 30. The footwear retailer saw direct-to-consumer (DTC) net sales increase 19.9% to $397.7 million, while DTC comparable net sales rose 17.0% during the same period. Meanwhile, wholesale net sales rose 20.2% year over year to $913.7 million.

“Hoka and Ugg produced outstanding second quarter results driven by strong consumer demand for our innovative and unique products,” said Stefano Caroti, president and chief executive officer at Deckers Brands, in a press release. “As I step into the CEO role, I’m committed to building on our proven foundation to support growth, guided by our consumer-first mindset, brand-led philosophy, innovation-forward products, and globally driven focus.”

The Home Depot Inc. (No. 4)

Q2 2024: Home Depot said its total sales grew 0.6% year over year to $43.2 billion in its second quarter of 2024 ended June 28. Meanwhile, online sales were up 4% compared with the same quarter a year ago.

Keurig Dr Pepper Inc. (No. 102)

Q2 2024: Keurig Dr Pepper Inc. saw net sales grow 3.5% year over year to $3.9 billion in its fiscal second quarter ended Sept. 30. The company’s net sales in its coffee category decreased 2.1% to $1.0 billion, though shipments of its K-Cup Pods were up 0.2%.

“Our consumer-centric innovation model is resonating in market, our portfolio expansion to higher growth categories is ongoing, and we are actively enhancing an already robust route-to-market — all underpinned by an unrelenting focus on cost efficiency and capital discipline,” said Tim Cofer, CEO at Keurig Dr Pepper, in its earnings announcement. “Now halfway through 2024, we are on track to achieve our unchanged full year outlook, while also seeding initiatives to fuel consistent growth over multiple years.”

Newell Brands (No. 273)

Q3 2024: Newell Brands reported a 4.9% decline in net sales year over year to $1.9 billion during its fiscal third quarter ended Sept. 30. Sales did increase 3.3% year over year in the company’s Learning & Development segment. However, other segments were down as it continues to implement a turnaround strategy.

“This is the fifth full quarter since we deployed our new corporate strategy, and based on our reported results, it is clear that [the company’s] business transformation is well underway,” said Chris Peterson, president and CEO of Newell Brands, in its earnings announcement. “During the third quarter, year-over-year sales performance improved sequentially, we drove continued gross and operating margin improvement, while purposefully increasing our level of A&P investment, and we meaningfully de-levered the balance sheet through both debt reduction and EBITDA growth.”

The company, which owns Sharpie and Mr. Coffee, increased its outlook for operating cash flow in its full 2024 fiscal year to a range of $500 million to $600 million, up from a previously stated range of $450 million to $550 million. Mark Erceg, chief financial officer at Newell Brands, credited the improved outlook to results seen during the quarter.

“Given strong third quarter results, we are increasing our 2024 normalized operating margin, normalized earnings per share and operating cash flow outlook for the second time this year,” said Erceg stated.

Skechers U.S.A., Inc. (No. 273)

Q3 2024: Skechers U.S.A., Inc. reported a 15.9% year-over-year rise in net sales to $2.4 billion in its fiscal third quarter that ended Sept. 30.

“Strong consumer demand for Skechers across all distribution channels resulted in a new quarterly sales record of $2.35 billion,” said David Weinberg, CEO of Skechers, in a released statement. “Despite challenging market conditions in certain countries, we achieved 21% Wholesale growth, 10% Direct-to-Consumer growth, as well as 16% internationally and 15% domestically.”

During the shoe brand’s earnings call, Weinberg credited online sales with the company’s domestic success.

“Domestic direct-to-consumer sales improved 3.7% on top of last year’s 14% increase primarily due to strong ecommerce growth as more consumers gravitated to shopping online,” he noted.

Target Corp. (No. 5)

Q2 2024: Target reported that total sales increased 2.6% year over year to reach $25 billion in its second fiscal quarter of 2024 ended Aug. 3. Digital sales alone grew 8.7% during the same period.

Tractor Supply Company (No. 93)

Q3 2024: Tractor Supply Company recorded a 1.6% net sales increase year over year to $3.5 billion in its fiscal third quarter ended Sept. 38. The company also announced a deal to acquire Allivet, a seller of prescription and over-the-counter pet medications.

Walmart Inc. (No. 2)

Q2 2025: Walmart recorded a 4.8% increase in consolidated revenue year over year. It brought in $169.34 billion for its fiscal second quarter of 2025 ended July 31.

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:

e.l.f. Beauty: Nov. 5
Bark, Inc.: Nov. 6
CVS Health: Nov. 6
Office Depot: Nov. 6
Goodfood Market Corp.: Nov. 12

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