The annual Forrester Research and Shop.org study of 136 retailers found that online sales rose 23.8% to $141.4 bln in 2004. Excluding sales of travel services, online sales were also up 23.8%, to $89 bln, representing 4.6% of total US retail sales. Profitability improved last year, with online retailers reporting operating margins of 28%, up from 21% in 2003.