Executive Summary (This is a document excerpt)

Q2 2005 online sales reached nearly $39 billion, a 25% year-over-year increase and a slight bump up from Q1 sales of $38 billion. After a somewhat slow start to the year, in which seasonality tempered online sales, the rising tide of offline sales lifted online boats this quarter to exceed expectations. But seasonality trends will likely turn around and hurt online sales in Q3 — the National Retail Federation (NRF) expects a weak back-to-school season. Overall sales for the year are still on track to rise by 22%.

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