eBags Accelerates Growth with Record Second Quarter Results and Strong Amazon Prime Day Sales
Jul 18, 2016, 08:00 ET
DENVER, July 18, 2016 /PRNewswire/ -- eBags announced today that the company has recorded record growth for the second fiscal quarter of 2016, with sales up 23% YoY and margin growth of 32% YoY. The Amazon Prime event was a record two-day period for eBags in Q3, as they did 25% more sales volume than the next highest two-day period in this quarter.
Growth for eBags products on the Amazon marketplace outpaced 2015 Prime Day by 43%, and sales on eBags.com grew 25% YoY. The top selling categories during the Amazon Prime event were luggage (+30%), backpacks (+29%), and accessories (+16%). The top selling brands were the eBags brand, SwissGear Travel Gear and TUMI.
"There has been a transformational shift online for retailers. Amazon's revenue is growing 20 percent while a store like Macy's is seeing revenues decline," says Mike Edwards, the company's Chief Executive Officer. Our fundamental business model is ecommerce and mobile first, and the strategy is working."
The company has moved aggressively into the back-to-school period, trending at a strong 40% YoY sales growth and is expecting to sell over 200,000 backpacks through the end of August.
The company's momentum is focused on driving strong 2016 results through category expansion, a commitment to highlighting top brands to create new growth for global partners and the ongoing growth in the eBags brand product line. The company has experienced strong Q2 growth in all key strategic metrics: site visits are up 34% YoY, mobile visits are up 55% YoY, and site conversions up 34% YoY.
"We are aggressively growing our assortment of top brands and products in all categories, increasing our exclusive and first-to-market offerings and launching innovative products every week on eBags.com," says Co-founder Peter Cobb. "Our focus is on mobile as shoppers are voting with their smartphones and we are committed to offering the top products that keep travelers connected throughout their journey."
About eBags: With more than 17 years in travel and 26 million bags sold, eBags is the leading online retailer of luggage, backpacks and accessories. The company is devoted to helping its customers find the perfect travel gear for any journey. eBags features 67,000 products from 600 brands, including TUMI, Samsonite, Kenneth Cole, Patagonia, The North Face and more. For more information, visit eBags.com.
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SOURCE eBags, Inc.