Latest news with #BrianOlsavsky
The Hill
22-05-2025
- Business
- The Hill
Amazon reportedly issuing refunds for returns made years ago
(NEXSTAR) — Suddenly received a refund from Amazon, even though you haven't returned anything in a while? You're not alone. Several Amazon customers said they recently received refunds for purchases they made years ago – 7 years ago, in some cases. 'I track down the order on my account and it's an order I placed a whole seven years ago!' one user wrote on Reddit earlier this month. 'Happy to get my $13, but…wow 7 years!' The post included a screenshot of an email sent from Amazon explaining that the customer was being contacted 'about an unresolved product return.' The message goes on to say that 'following a recent internal review, [Amazon] identified a very small subset of returns that were unresolved because we could not verify that the correct item had been sent back to us.' 'We could have notified these customers more clearly (and earlier) to better understand the status and help us resolve the return,' the email read. 'Given the time elapsed, we've decided to err on the side of customers and just complete refunds for these returns.' According to the email, the refund was applied to the original payment method or, if that was unavailable, as an Amazon Gift Card for the account. 'There is no action required from you to receive the refund, and we have made process changes to more promptly contact customers about unresolved returns going forward,' the email reads. Other Reddit users said they have received similar messages and refunds connected to returns they made within recent years. Reported refunds ranged from a few dollars to a few hundred dollars, Reddit users claimed. Amazon did not immediately respond to Nexstar's request for comment or additional information, but confirmed the information outlined in the aforementioned email to USA Today. Bloomberg did report that Brian Olsavsky, Amazon's CFO, said earlier this month that Amazon had taken a one-time charge of roughly $1.1 billion during the first quarter of the fiscal year related in part to 'some historical customer returns' that were unresolved. The refunds also come amidst a lawsuit was filed against the online retail giant over undistributed refunds. According to Bloomberg, a 2023 lawsuit accuses Amazon of reversing refunds issued to customers who left returns at designated kiosks. Customers received refunds immediately, only to be charged full price for the item if it didn't return to an Amazon facility, the lawsuit alleges. It's unclear whether that lawsuit is connected to the recent refunds issued by Amazon. Amazon's return policy says that most items can be returned for a refund, replacement, or exchange within 30 days of delivery, 'as long as they are in original or unused condition.' 'A refund will be provided if Amazon (or the third party seller) has received the item, and determined that you are eligible for a refund,' the policy notes, adding that it can take up to 30 days for a return to be received and processed. 'In certain circumstances refund timeframes may be longer.'
The Verge
21-05-2025
- Business
- The Verge
Amazon is sending customers refunds for some really, really old returns
Amazon is issuing refunds to customers who'd returned products but never received their money back, in some cases from as long ago as 2018. 'Following a recent internal review, we identified a very small subset of returns that were unresolved because we could not verify that the correct item had been sent back to us,' Amazon said in emails to customers, according to Bloomberg. 'We could have notified these customers more clearly (and earlier) to better understand the status and help us resolve the return. Given the time elapsed, we've decided to err on the side of customers and just complete refunds for these returns.' Amazon had hinted refunds were coming during its most recent earnings call on May 1st. CFO Brian Olsavsky confirmed that the company was reporting a one-time charge of $1.1 billion, partly attributable to 'some historical customer returns,' along with the costs of stockpiling inventory in preparation for Trump's tariffs. There have been reports of the belated refunds from Amazon customers on Reddit, X, and LinkedIn for over a week, with one poster claiming to have received almost $1,800 this week for a TV returned to the retailer in 2018. Others claim to have received money from Amazon with no explanation why, and some report receiving refunds for products they never returned in the first place. The company is currently facing a potential class action lawsuit that alleges it systematically failed to issue refunds to customers, or reversed refunds that had been issued. The suit was filed in 2023, but this April a judge rejected Amazon's move to have it dismissed. It's currently awaiting certification, a necessary step before other Amazon customers can join the class action.
Yahoo
20-05-2025
- Business
- Yahoo
Amazon Gives Refunds for Years-Old Returns
(Bloomberg) — Inc. customers are suddenly getting refunds for products they purchased and returned as far back as 2018, along with apologies from the online retailer after it discovered 'unresolved' issues. America, 'Nation of Porches' Can Frank Gehry's 'Grand LA' Make Downtown Feel Like a Neighborhood? NJ Transit Train Engineers Strike, Disrupting Travel to NYC NJ Transit Makes Deal With Engineers, Ending Three-Day Strike The precise scope of the refunds issued isn't clear but executives hinted it may be hundreds of millions of dollars. Chief Financial Officer Brian Olsavsky, speaking on a conference call after the company released earnings May 1, said Amazon took a one-time charge of approximately $1.1 billion in the first quarter related in part to 'some historical customer returns' that were unresolved. The charge was also attributable to the cost of stockpiling inventory in anticipation of tariffs. An Amazon spokesperson acknowledged Tuesday that refunds are being sent to customers but declined to specify how many or the overall cost. Amazon's annual revenue in 2024 was $638 billion, making it the second-largest company by revenue behind Walmart Inc. 'Following a recent internal review, we identified a very small subset of returns that were unresolved because we could not verify that the correct item had been sent back to us,' Amazon said in emails to multiple customers, which were reviewed by Bloomberg. 'We could have notified these customers more clearly (and earlier) to better understand the status and help us resolve the return. Given the time elapsed, we've decided to err on the side of customers and just complete refunds for these returns.' Amazon faces a consumer lawsuit alleging it reversed refunds from customers who followed its returns policy by leaving merchandise at designated kiosks. The company gave customers immediate refunds when items were dropped off, but recharged them full price for the merchandise if it never made it back to an Amazon facility. The policy was designed to fight fraud in which shoppers buy something and return an empty box or an imposter product seeking a refund — though there are other places in the supply chain where the inventory can go missing. Returns and warranty claims fraud cost US retailers $103 billion in 2024, according to a report by Appriss Retail and Deloitte LLP. A federal judge in April denied Amazon attempts to dismiss the lawsuit, which was originally filed in 2023. An Amazon spokesperson declined to say if the refunds are related to the lawsuit. 'There is no action required from customers to receive the refunds, and we have fixed the payment issue and made process changes to more promptly contact customers about unresolved returns going forward,' the spokesperson said. Amazon last week refunded shopper Steven Pope nearly $1,800 for a 55-inch smart TV he purchased in 2018, according to screen shots he posted on LinkedIn. 'I'm probably not the only customer who has experienced this but isn't that crazy,' he said. 'Seven years to pay out a return.' Why Apple Still Hasn't Cracked AI Anthropic Is Trying to Win the AI Race Without Losing Its Soul Microsoft's CEO on How AI Will Remake Every Company, Including His Inside the First Stargate AI Data Center Cartoon Network's Last Gasp ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
20-05-2025
- Business
- Bloomberg
Amazon Gives Refunds for Years-Old Returns
Inc. customers are suddenly getting refunds for products they purchased and returned as far back as 2018, along with apologies from the online retailer after it discovered 'unresolved' issues. The precise scope of the refunds issued isn't clear but executives hinted it may be hundreds of millions of dollars. Chief Financial Officer Brian Olsavsky, speaking on a conference call after the company released earnings May 1, said Amazon took a one-time charge of approximately $1.1 billion in the first quarter related in part to 'some historical customer returns' that were unresolved. The charge was also attributable to the cost of stockpiling inventory in anticipation of tariffs.
Business Insider
02-05-2025
- Business
- Business Insider
Amazon took a mysterious $1 billion hit from customer returns and tariff maneuvering
Amazon recorded one-time charges of roughly $1 billion on Thursday due to customer returns and tariff -related maneuvering. During the company's earnings call, CFO Brian Olsavsky addressed the issue and analysts discussed it. "During the quarter, we've recorded one-time charges related to some historical customer returns that have not yet been resolved and some costs to receive inventory that was pulled forward into Q1 ahead of anticipated tariffs," Olsavsky said. Without those charges, the operating profit margin of Amazon's North America retail business would have been almost one percentage point higher, the CFO said. That equates to a roughly $800 million hit. For the international retail business, it would have had an operating margin that was roughly 0.7% higher, Olsavsky added. That equates to about $200 million in one-time charges, for a grand total of roughly $1 billion. What's notable here is that the losses stem from two persistent concerns — tariffs and customer returns. Tariffs have created a climate of unpredictability, Amazon CEO Andy Jassy said during Thursday's analyst call. Amazon did some forward buying for its wholesale business, while some third-party sellers shipped inventory ahead of schedule to avoid tariff hikes, he explained. Still, Amazon hasn't seen the average selling price on Amazon "appreciably go up yet," Jassy noted. "None of us knows exactly where tariffs will settle or when," he said. Customer returns have also become a growing problem for Amazon in recent years. The company is trying to incentivize customers to use less costly return methods, and preempt returns entirely by letting shoppers on its website know when a product is frequently returned. Amazon's first-quarter results on Thursday exceeded Wall Street estimates, but future guidance came in lower than expected. Amazon's stock dropped about 2% in after-hours trading. When an analyst asked if Amazon expects another one-time charge for the current quarter, Olsavsky stopped short of directly addressing the question. Instead, he said Amazon typically sees higher stock-based compensation in the second-quarter and noted additional expenses related to the Kuiper satellite project. Tariff-induced uncertainty also makes it difficult to give accurate future guidance, he added. An Amazon spokepserson declined to comment.
