On Amazon’s third quarter earnings call , Amazon CEO Andy Jassy discussed the progress Amazon Stores has made in the last few years—and why it’s still early:

In Stores , I think some folks are sleeping a bit on how much progress that business has made and what it’s become the last few years. I’m not aware of another retail business approaching Amazon’s revenue size (hundreds of billions of dollars), with double digit operating margins inclusive of Ads, that’s growing at this pace. Year to date, units have grown nearly 15% year over year, and that’s on an enormous base, having sold more than 30 billion items last year. In absolute dollar terms, we’ve added more than $90 billion in gross sales in the trailing 12 months. And we’re growing meaningfully faster than other retail competitors, adding about double the gross sales per quarter than our next largest competitor in the U.S., and consistently taking retail market segment share. Over the past few years, our North America and International segments have each expanded operating margins by nearly 10 percentage points, which enables us to reinvest in making the customer experience even better.

Amazon announced financial results for its third quarter on October 29. Here's a look at what the company has been up to.

Remember, it’s still early. The significant majority of retail, nearly 80%, currently occurs in physical stores. That will eventually flip to ecommerce over time. We’re helping enable this shift by rapidly building out our efficient, and speedy fulfillment network, providing delightful customer experiences, while driving significant free cash flow and return on invested capital.

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