January 3, 2003, 12:00 AM

eBags doubles sales and achieves GAAP profitability

Holiday sales at eBags.com were up 101% this year over last and the company achieved its first profitable quarter, based on GAAP, which includes non-cash expenses such as depreciation and amortization, eBags reported today.

Kurt Peters

Executive Editor

EBags.com is on a tear, the company reports. Holiday sales were up 101% this year over last and the company achieved its first profitable quarter, based on GAAP, which includes non-cash expenses such as depreciation and amortization, eBags reported today. It also reported its third consecutive positive cash flow quarter.

"To have sales increase over 100% during the holidays is a testament to a great team as well as a dynamic and scaleable business model, especially during such a disappointing holiday season for the overall retail sector," said Jon Nordmark, CEO of eBags.com. Biggest sales gains were in luggage, business cases, travel accessories and urban gear, the company reports.

The company also reported that visitors to the site purchased at a rate 86% higher than last year. The company attributes the increase to site enhancements over the past year. EBags.com sells more than 7,000 products in over 150 brands. It reports selling 1.6 million bags since launching in March 1999. EBags.com is funded by Benchmark Capital, Technology Crossover Ventures, and Amerindo.

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