Retail Report | Amazon sales hit new high, but investors feel let down | Seattle Times Newspaper

Amazon continues to make strategic investments for growth, but misses quarterly revenue expectations

Chief Financial Officer Tom Szkutak said Amazon's rising costs partly reflect the addition of 13 new distribution centers in 2010, giving it a total of 52.

"If you look at the returns that we've gotten on ... previous fulfillment centers that we've launched, they've been great uses of capital," Szkutak told analysts on a conference call.

BGC Partners analyst Collin Gillis said he rates Amazon stock a "sell" because he sees it as overvalued.

He wrote in a research note to clients that Amazon's market capitalization, at roughly $82 billion, exceeds the combined market cap of Barnes & Noble, Borders, Macy's, Nordstrom, Best Buy, Staples and Dell.

Retail Report | Amazon sales hit new high, but investors feel let down | Seattle Times Newspaper