How about those retail sales? Take the $19 billion off the current market cap of $113 billion and you're paying $94 billion for $15.4 billion in first-quarter sales. (Take out those cloud revenue, remember.) That's still a gain of 20% from last year's first quarter. Maintain that momentum for a full year and you're looking at almost $75 billion in sales for 2013. Now, that still means you're paying $1.25 for each $1 of forward sales, which is almost double the 55 cents per $1 of 2012 sales you're paying for Wal-Mart, or the 47 cents for each $1 you pay for Costco ( COST) revenue. But what else are you getting? A bigger moat, for one thing. As Amazon adds to its sales, it adds to its delivery infrastructure. It adds more warehouses, closer to customers. It adds more automation to those warehouses, it adds more data to its own data stores, and it adds more delivery infrastructure as well. Not just here, but everywhere. It should have 102 fully-automated warehouses around the world by this Christmas, according to Internet Retailer.
According to Distimo, a Dutch research company, Amazon is actually outselling Google Play in apps. More people download free stuff at Google, but more pay for what they download when they get it from Amazon. Its apps are still in only a half-dozen countries -- there's the rest of the world yet to come. So, yes, Amazon has to compete with Google in apps and it has to compete with Wal-Mart in shopping and it even has to compete with Apple ( AAPL) in devices. The cloud pack is nipping at its heels. But having just a vision is no solution. Everything depends on execution, and Amazon keeps executing. You'll pay for that, at $250/share. But I think I was wrong to sell Amazon before. I think it has a lot more growth in it. At the time of publication, the author was long GOOG, AAPL and COST. Follow @DanaBlankenhorn This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.