Amazon has a storming 2008

Amazon has recorded impressive sales growth

Amazon has continued to defy the economic downturn by posting an 18 per cent rise in fourth-quarter sales, and a surge in net sales of almost a third.

The web giant's fourth-quarter sales increased to $6.7bn (£4.69bn), compared to $5.67bn (£3.97bn) in the fourth quarter of 2007. Net income rose nine per cent to $225m (£157m), compared to $207m (£154m) a year ago.

Net sales for the year increased 29 per cent to $19.17bn (£13.4bn), compared to $14.84bn (£10.37bn) in 2007, and net income increased 36 per cent from $476m (£332m) in 2007 to $645m (£450m) in 2008.

"We remain relentlessly focused on serving customers with low prices, great selection and free shipping offers, including Amazon Prime," said chief executive Jeff Bezos.

"We are particularly grateful for the unusually strong demand for the Kindle [electronic book reader] in the fourth quarter."

Amazon also predicted a strong first quarter this year, estimating net sales growth of between nine and 19 per cent.