To The Moon

Amazon.com Inc. said it would hold its annual Prime Day sales event over two days in July, at a time when the company is dealing with a slowdown in online shopping.

The company said Thursday it would offer deals on gadgets, clothing and other items on July 12-13.

Seattle-based Amazon doesn't say how much money Prime Day brings in, but it is typically the busiest shopping days of the year for the company. Amazon said 250 million items were bought during the event last year.

This year's Prime Day will be the company's first without Jeff Bezos as chief executive. Andy Jassy assumed the CEO role last summer, while Mr. Bezos became executive chairman.

Mr. Jassy is working to pare back Amazon's rapid expansion during the Covid-19 pandemic, subleasing excess warehouse space and putting off construction on new facilities. He also closed 68 physical shops, such as its Amazon bookstores.

Amazon in April reported its first quarterly loss in seven years as online sales slowed, costs rose and its stake in electric-vehicle maker Rivian Automotive Inc. lost value.

Prime Day, which Amazon started in 2015, helps boost revenue during the summer months when sales can slow. It also gets people who aren't Prime members to try it, since only members can access the deals. Amazon recently raised the membership price, by $20, to $139 a year.

Best Buy Co. Inc., Target Corp. and other retailers usually offer their own sales events around Prime Day. Target said it would have three days of deals starting July 11. Best Buy didn't respond to a request for comment.

Amazon said this year's deals will be available for Prime members in 20 countries, including the U.S., U.K., Mexico and Singapore.

It will hold Prime Day later in the summer in Egypt, India, Saudi Arabia and the United Arab Emirates. Amazon didn't give an exact date.