Egghead Auction Site Enjoys First-Year Growth
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In the fiscal quarter ending June 27, 1998, which marked Surplus Auction's first anniversary, it recorded revenues of $13.7 million compared with $7.0 million in the preceding quarter, an increase of 95.7%. Total auction revenues for the first year of operation were $28,209,000.
Total registered bidders also grew from 29,000 as of September 27, 1997, to 168,000 by June 27, 1998, according to Egghead.
"Our auction growth has reflected the enormous potential of electronic commerce and recently included brisk sales of Windows 98 drawing thousands of new bidders to our site with a nationally promoted $1.00 starting bid," said George Orban, Egghead.com's chairman and CEO.
The company announced plans in January of this year to shift its business focus to Internet commerce and close its retail store network.