<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                    FORM 10-Q

                   QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                   FOR THE QUARTERLY PERIOD ENDED MAY 3, 2003
                         COMMISSION FILE NUMBER 0-19714


                              E COM VENTURES, INC.


                     STATE OF FLORIDA I.R.S. NO. 65-0977964

                            251 INTERNATIONAL PARKWAY
                                SUNRISE, FL 33325

                        TELEPHONE NUMBER: (954) 335-9100

Indicate  by  check  mark  whether  the  registrant,  (1)  has filed all reports
required  to  be  filed by Section 13 or 15(d) of the Securities Exchange Act of
1934  during  the  preceding  12  months  (or  for  such shorter period that the
registrant  was  required to file such reports) and (2) has been subject to such
filing  requirements  for  the  past  90  days.  YES  |X|  NO  |_|


Indicate  by  check  mark  whether  the  registrant  is an accelerated filer (as
defined  in  Rule  12b-2  of  the  Exchange  Act).  YES  |_|  NO  |X|


As of June 6, 2003,  the  registrant  had 2,483,213  shares of its common stock,
$0.01 par value, outstanding.

<PAGE>


                                TABLE OF CONTENTS

                      E COM VENTURES, INC. AND SUBSIDIARIES

                                     PART I
                              FINANCIAL INFORMATION

<TABLE>
<CAPTION>
<S>                 <C>                                                        <C>
  ITEM 1            FINANCIAL STATEMENTS (unaudited).........................  3

                    Consolidated Condensed Balance Sheets....................  3
                    Consolidated Condensed Statements of Operations..........  4
                    Consolidated Condensed Statements of Cash Flow...........  5
                    Notes to Consolidated Condensed Financial Statements.....  6

  ITEM 2            MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED
                    FINANCIAL CONDITION AND RESULTS OF OPERATIONS............  9

  ITEM 3            QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
                    MARKET RISK.............................................. 13

  ITEM 4            CONTROLS AND PROCEDURES.................................. 13



                                     PART II
                                OTHER INFORMATION

  ITEM 1            LEGAL PROCEEDINGS........................................ 13

  ITEM 2            CHANGES IN SECURITIES AND USE OF PROCEEDS................ 13

  ITEM 3            DEFAULTS UPON SENIOR SECURITIES.......................... 13

  ITEM 4            SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS...... 13

  ITEM 5            OTHER INFORMATION........................................ 13

  ITEM 6            EXHIBITS AND REPORTS ON FORM 8-K......................... 14

  SIGNATURES................................................................. 15

  CERTIFICATIONS............................................................. 16

</TABLE>


                                       2

<PAGE>


PART I.           FINANCIAL INFORMATION
ITEM 1.           FINANCIAL STATEMENTS

                      E COM VENTURES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS
                                   (Unaudited)

<TABLE>
<CAPTION>
ASSETS:                                                                 MAY 3, 2003   FEBRUARY 1, 2003
                                                                       -------------  ----------------
Current assets:
<S>                                                                    <C>              <C>
Cash and cash equivalents                                              $   1,671,357  $     2,964,645
Trade receivables, net                                                     1,091,706          744,456
Advances to suppliers                                                      1,722,388        1,814,935
Inventories, net                                                          74,808,725       68,717,163
Prepaid expenses and other current assets                                    891,029        1,169,524
Investments available for sale                                               230,664          210,607
                                                                       -------------  ---------------
  Total current assets                                                    80,415,869       75,621,330

Property and equipment, net                                               25,116,662       24,556,691
Goodwill, net                                                              1,904,448        1,904,448
Other assets, net                                                          1,220,924        1,340,155
                                                                       -------------  ---------------
  Total assets                                                         $ 108,657,903  $   103,422,624
                                                                       =============  ===============

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:
Bank line of credit                                                    $  37,071,481  $    32,081,831
Current portion of long-term debt                                               --             31,860
Accounts payable, non-affiliates                                          23,581,776       20,905,826
Accounts payable, affiliates                                              15,225,947       13,331,718
Accrued expenses and other liabilities                                     4,667,487        5,168,634
Subordinated note payable, affiliate                                            --            100,000
Current portion of obligations under capital leases                          778,704          981,784
Convertible notes payable                                                    840,215        1,215,215
                                                                       -------------  ---------------
  Total current liabilites                                                82,165,610       73,816,868

Long-term portion of obligations under capital leases                      7,557,870        7,752,315
                                                                       -------------  ---------------
  Total liabilities                                                       89,723,480       81,569,183
                                                                       -------------  ---------------

Commitments and contingencies

Shareholders' equity:
Preferred stock, $.10 par value, 1,000,000
   shares authorized, none issued                                               --               --
Common stock, $.01 par value, 6,250,000 shares
   authorized; 3,256,161 and 3,215,761 shares issued
   in fiscal years 2003 and 2002, respectively                                32,562           32,158
Additional paid-in capital                                                71,382,389       71,387,794
Treasury stock, at cost, 779,952 shares in fiscal year 2003 and 2002      (7,085,940)      (7,085,940)
Accumulated deficit                                                      (44,958,710)     (42,028,563)
Notes and interest receivable from shareholder and officer                  (315,531)        (311,604)
Accumulated other comprehensive loss                                        (120,347)        (140,404)
                                                                       -------------  ---------------
  Total shareholders' equity                                              18,934,423       21,853,441
                                                                       -------------  ---------------
  Total liabilities and shareholders' equity                           $ 108,657,903  $   103,422,624
                                                                       =============  ===============
</TABLE>


     See accompanying notes to consolidated condensed financial statements.

                                       3

<PAGE>

                      E COM VENTURES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                      THIRTEEN WEEKS ENDED       THIRTEEN WEEKS ENDED
                                                          MAY 3, 2003                 MAY 4, 2002
                                                      --------------------       --------------------
<S>                                                     <C>                          <C>
Net sales                                             $         36,887,829       $         40,168,682
Cost of goods sold                                              20,072,336                 22,839,423
                                                      --------------------       --------------------
Gross profit                                                    16,815,493                 17,329,259
                                                      --------------------       --------------------

Operating expenses:
  Selling, general and administrative                           17,839,116                 17,234,099
  Depreciation and amortization                                  1,454,741                  1,491,645
                                                      --------------------       --------------------
    Total operating expenses                                    19,293,857                 18,725,744
                                                      --------------------       --------------------

Loss from operations                                            (2,478,364)                (1,396,485)
Interest expense, net                                             (451,783)                  (543,846)
                                                      --------------------       --------------------
    Net loss                                          $         (2,930,147)      $         (1,940,331)
                                                      ====================       ====================

Net loss per common share:
  Basic                                               $              (1.19)      $              (0.80)
                                                      ====================       ====================
  Diluted                                             $              (1.19)      $              (0.80)
                                                      ====================       ====================

Weighted average number of common shares outstanding:
  Basic                                                          2,459,052                  2,421,408
                                                      ====================       ====================
  Diluted                                                        2,459,052                  2,421,408
                                                      ====================       ====================
</TABLE>



     See accompanying notes to consolidated condensed financial statements.

                                       4

<PAGE>

                      E COM VENTURES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                              THIRTEEN WEEKS ENDED       THIRTEEN WEEKS ENDED
                                                                   MAY 3, 2003               MAY 4, 2002
                                                              --------------------       --------------------
<S>                                                            <C>                         <C>
Cash flows from operating activities:
Net loss                                                      $        (2,930,147)       $        (1,940,331)
Adjustments to reconcile net loss to net cash
  used in operating acitivites:
Provision for impairment of assets and store closings                      57,755                    113,974
Depreciation and amortization                                           1,454,741                  1,491,645
Change in operating assets and liabilities:
  Trade receivables                                                      (347,250)                  (300,978)
  Advances to suppliers                                                    92,547                   (765,497)
  Inventories                                                          (6,091,562)                (7,013,017)
  Prepaid and other current assets                                        278,495                      3,521
  Other assets                                                             64,758                     56,627
  Accounts payable, non-affiliates                                      2,675,950                  4,541,600
  Accounts payable, affiliates                                          1,894,229                  1,337,325
  Accrued expenses and other liabilities                                 (501,147)                  (439,095)
                                                              --------------------       --------------------
Net cash used in operating activities                                  (3,351,631)                (2,914,226)
                                                              --------------------       --------------------

Cash flows from investing activities:
  Additions to property and equipment                                  (2,017,994)                  (170,466)
  Proceeds from sale of investments                                            --                     11,733
                                                              --------------------       --------------------
Net cash used in investing activities                                  (2,017,994)                  (158,733)
                                                              --------------------       --------------------

Cash flows from financing activities:
  Net borrowings under bank line of credit and notes payable            4,957,790                  5,117,799
  Repayments of notes payable                                                  --                   (109,004)
  Repayment of subordinated notes payable, affiliate                     (100,000)                  (100,000)
  Principal payments under capital lease obligations                     (397,525)                  (395,905)
  Proceeds from note and interest receivable, related party                (3,927)                        --
  Net borrowings from shareholders and officers                                --                   (141,310)
  Repayment of convertible notes payable                                 (450,000)                (1,183,157)
  Exercise of stock options                                                69,999                         --
  Purchases of treasury stock                                                  --                    (14,773)
                                                              --------------------       --------------------
    Net cash provided by financing activities                           4,076,337                  3,173,650
                                                              --------------------       --------------------
 (Decrease) increase in cash and cash equivalents                      (1,293,288)                    100,691
 Cash and cash equivalents at beginning of period                       2,964,645                   1,600,787
                                                              --------------------       --------------------
 Cash and cash equivalents at end of period                   $         1,671,357        $          1,701,478
                                                              ====================       ====================

</TABLE>


     See accompanying notes to consolidated condensed financial statements.


                                       5


<PAGE>



                      E COM VENTURES, INC. AND SUBSIDIARIES
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 1 - OPERATIONS AND BASIS OF PRESENTATION

     E Com Ventures,  Inc., a Florida Corporation ("ECOMV"),  is structured as a
holding  company  that  owns and  operates  Perfumania  Inc.  ("Perfumania"),  a
specialty  retailer and  wholesaler  of  fragrances  and related  products,  and
perfumania.com,  inc.,  an Internet  retailer of fragrance  and other  specialty
items.

     Perfumania  is   incorporated  in  Florida  and  operates  under  the  name
Perfumania.   Perfumania's   retail  stores  are  located  in  regional   malls,
manufacturers'  outlet malls,  airports and on a  stand-alone  basis in suburban
strip shopping centers.  The number of retail stores in operation at May 3, 2003
and May 4, 2002 were 237 and 244, respectively.

     The consolidated  condensed  financial  statements  include the accounts of
ECOMV and subsidiaries (collectively,  the "Company"). All material intercompany
balances and transactions have been eliminated in consolidation.

     The accompanying unaudited consolidated condensed financial statements have
been prepared in accordance with the rules and regulations of the Securities and
Exchange  Commission  (the  "SEC").  Certain  information  and note  disclosures
normally  included in annual financial  statements,  prepared in accordance with
accounting  principles generally accepted in the United States of America,  have
been condensed or omitted pursuant to those rules and regulations. The financial
information presented herein, which is not necessarily  indicative of results to
be expected for the current fiscal year,  reflect all adjustments  which, in the
opinion of  management,  are  necessary for a fair  presentation  of the interim
unaudited  consolidated  condensed  financial  statements.  It is suggested that
these consolidated  condensed  financial  statements be read in conjunction with
the financial  statements and the notes thereto included in our Annual Report on
Form 10-K for the fiscal year ended February 1, 2003 filed with the SEC on April
30, 2003.

     As of May 3, 2003, the Company has a seasonal working capital deficiency of
$1.7  million,  cash  balances  of  approximately  $1.7  million  and additional
borrowing  capacity  of  $1.5  million under its bank line of credit; this could
have  an  effect  on the Company`s ability to meet its obligations over the next
twelve  months.  Management  believes  that  the  cash  balances,  the available
borrowing  capacity,  and  the  projected future operating results will generate
sufficient  liquidity to support the Company`s working capital needs and capital
expenditures for the next twelve months; however, there can be no assurance that
management`s  plans  will  be  successful.  If the Company is unable to generate
sufficient  cash  flows from operations in the future to service its obligations
and/or refinance its existing debt, the Company could face liquidity and working
capital  constraints, which could adversely impact future operations and growth.

RECLASSIFICATION

     Certain fiscal year 2002 amounts have been reclassified to conform with the
fiscal year 2003 presentation.

NOTE 2 - ACCOUNTING FOR STOCK-BASED COMPENSATION

     The  Company  accounts  for  its  stock-based   compensation   plans  under
Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued
to Employees."  Accordingly,  because the grant price equals the market price on
the date of the grant, no compensation  expense is recognized by the Company for
stock options issued pursuant to its  stock-based  compensation  plans.  The pro
forma  information  below is based  on  provisions  of  Statement  of  Financial
Accounting Standard ("SFAS") No. 123, "Accounting for Stock-Based Compensation,"
as amended by SFAS 148,  "Accounting for  Stock-Based  Compensation - Transition
and Disclosure," issued in December 2002.


                                       6

<PAGE>

<TABLE>
<CAPTION>
                                                           THIRTEEN WEEKS ENDED        THIRTEEN WEEKS ENDED
                                                                MAY 3, 2003                 MAY 4, 2002
                                                          -------------------------   -------------------------
<S>                                                                   <C>                         <C>
Net loss as reported                                       $            (2,930,147)   $             (1,940,331)

Add: Total fair value of stock based employee compensation
  expense not included in reported net loss, net                          (103,381)                    (86,275)
                                                          -------------------------   -------------------------

Proforma net loss                                          $            (3,033,528)   $             (2,026,606)
                                                          =========================   =========================

Proforma net loss per share:

  Basic                                                    $                 (1.23)   $                  (0.84)
                                                          =========================   =========================
  Diluted                                                  $                 (1.23)   $                  (0.84)
                                                          =========================   =========================
</TABLE>


NOTE 3 - BANK LINE OF CREDIT

     Perfumania's senior secured credit facility with GMAC Commercial Credit LLC
provides  for  borrowings  of up to $40  million,  of which  approximately  $1.5
million was  available  at May 3, 2003,  and  supports  normal  working  capital
requirements and other general corporate  purposes.  The facility expires in May
2004.  Advances  under the line of credit  are  based on a formula  of  eligible
inventories  and bears  interest at a floating  rate ranging from (a) prime less
0.75% to prime plus 1% or (b) LIBOR plus 1.75% - 3.50%  depending on a financial
ratio  test.  As of May 3, 2003,  the credit  facility  bore  interest  at 4.0%.
Borrowings  are  secured  by a first lien on all  assets of  Perfumania  and the
assignment of a life insurance policy on Ilia Lekach,  the Company's Chairman of
the Board of Directors and Chief Executive Officer. The credit facility contains
limitations on additional borrowings,  capital expenditures and other items, and
contains  various  covenants  including  maintenance  of minimum net worth,  and
certain key ratios, as defined by the lender. As of May 3, 2003,  Perfumania was
not in compliance  with its fixed charge ratio and leverage  ratio.  On June 16,
2003, Perfumania obtained a waiver from GMAC for all instances of non-compliance
as of May 3, 2003.

NOTE 4 - BASIC AND DILUTED LOSS PER COMMON SHARE

     Basic loss per common  share has been  computed by dividing net loss by the
weighted average number of common shares outstanding during the period.  Diluted
loss per share includes,  in periods in which they have a dilutive  effect,  the
impact of common shares issuable upon exercise of stock options and other common
stock  equivalents.  For all periods presented in the accompanying  consolidated
condensed statements of operations, incremental shares attributed to outstanding
stock options and convertible  notes were not included because the results would
be anti-dilutive.

NOTE 5 - COMPREHENSIVE INCOME (LOSS)

     Comprehensive   income  (loss)   represents   all   non-owner   changes  in
shareholders' equity and consists of the following:



<TABLE>
<CAPTION>
                                                            THIRTEEN WEEKS ENDED        THIRTEEN WEEKS ENDED
                                                                MAY 3, 2003                 MAY 4, 2002
                                                          -------------------------   -------------------------
<S>                                                       <C>                         <C>
Net loss                                                  $             (2,930,147)   $             (1,940,331)
Net unrealized gain on investments available for sale                       20,057                      51,893
                                                          -------------------------   -------------------------
  Total comprehensive loss                                $             (2,910,090)   $             (1,888,438)
                                                          =========================   =========================
</TABLE>


NOTE  6 -  CONVERTIBLE NOTES PAYABLE

     In December 2002, the Company entered into an amended Convertible Note
Option Repurchase Agreement (the "Agreement") with holders of the Company's
outstanding Series C and D Convertible Notes. The Agreement provides an
extension of the maturity date of the Convertible Notes to September 15, 2003
and a monthly option to repurchase the Notes over the extended maturity date.
The portion of the notes redeemable in each month varies as per a specified
redemption schedule. In the event that the Company exercises its monthly option,
the note holders

                                        7

<PAGE>

are restricted from converting any part of the remaining outstanding and unpaid
principal balance of such holder's notes into the Company's common stock During
the first thirteen weeks of fiscal year 2003, the Company paid $450,000 to the
note holders, which represented $375,000 of principal and $75,000 of premiums.

NOTE 7 - CONTINGENCIES

     The Company is  involved in legal  proceedings  in the  ordinary  course of
business.  Management  cannot  presently  predict the outcome of these  matters.
Management  believes that the Company would have  meritorious  defenses and that
the ultimate  resolution  of these  matters  should not have a material  adverse
effect on the Company's financial position or result of operations.

NOTE 8 - RELATED PARTY TRANSACTIONS

     Notes  and  interest   receivable  from  a  shareholder  and  officer  were
approximately  $316,000 as of May 3, 2003.  The notes are  unsecured,  mature in
five years and bear interest at prime plus 1% per annum.  Principal and interest
are payable in full at maturity.

     The  Company's  Chairman  of the Board of  Directors  and  Chief  Executive
Officer,  Ilia Lekach,  is also the Chairman of the Board of Directors and Chief
Executive Officer of Parlux Fragrances,  Inc.  ("Parlux").  Purchases of product
from Parlux was approximately  $3,469,000 for the first thirteen weeks of fiscal
2003,  representing  approximately  13.8% of the Company's total purchases.  The
amount  due to  Parlux at May 3, 2003 was  approximately  $12,891,000.  Accounts
payable  due to Parlux are  non-interest  bearing  and are  included in accounts
payable affiliates in the accompanying consolidated condensed balance sheets.

     During  the  first   thirteen   weeks  of  2003,   the  Company   purchased
approximately  $891,000 of merchandise from a company owned by a brother of Ilia
Lekach and  approximately  $1,259,000 from a company owned by another brother of
Ilia Lekach. The amounts due to these companies at May 3, 2003 was approximately
$1,280,000 and $1,056,000,  respectively,  and are included in accounts  payable
affiliates in the accompanying  consolidated condensed balance sheets. Purchases
from these  brothers did not include  products  manufactured  or  distributed by
Parlux.  Purchases from related parties are on an arms-length  basis with prices
and/or terms  generally  better then would  otherwise  be  available  from third
parties.

     As of May 3, 2003,  the Company  owned  approximately  1,003,000  shares of
Nimbus Group, Inc. ("Nimbus") common stock representing approximately 13% of its
total  outstanding  common  stock.  The  investment  in  Nimbus  appears  on the
Company's  consolidated  condensed  balance sheets as investments  available for
sale. Ilia Lekach  previously  served as Chairman of the Board and Interim Chief
Executive Officer of Nimbus.

NOTE 9 - NON CASH TRANSACTIONS

     Supplemental disclosures of non-cash investing and financing activities are
as follows:


<TABLE>
<CAPTION>
                                                           For the Thirteen Weeks Ended
                                               -----------------------------------------------------
                                                      May 3, 2003                 May 4, 2002
                                               -------------------------   -------------------------
<S>                                                <C>                      <C>
Conversion of debt and accrued interest
  payable in exchange for common stock             $                  -     $                26,160

Unrealized gain on investments available for sale                20,057                      51,893

Cash paid during the period for:
    Interest                                                    403,717                     683,201
</TABLE>

                                       8

<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

Comparison of the Thirteen Weeks Ended May 3, 2003 with the Thirteen Weeks Ended
May 4, 2002.

       Net sales decreased 8.2% from $40.2 million  in the first  thirteen weeks
of  2002  to  $36.9 million in the first thirteen weeks of 2003. The decrease in
sales  was  primarily  due  to a 6.1% decrease in Perfumania's comparable retail
store  sales and a reduction in the average number of stores operated during the
first  thirteen  weeks of 2003 compared to the first thirteen weeks of 2002. The
decrease  in  comparable  store  sales  was primarily due to a contracted retail
environment,  inclement  weather  and  a slow economy. During the first thirteen
weeks  of  2003, the average number of stores operated was 238 versus 245 in the
prior  year's  comparable  period.

       Gross  profit  decreased  3.0%  from  $17.3 million in the first thirteen
weeks  of 2002 (43.1% of total net sales) to $16.8 million in the first thirteen
weeks  of  2003 (45.6% of total net sales). The decrease in gross profit was due
to  the  decrease  in  sales.  As a percentage of net sales, gross profit in the
first  thirteen  weeks of 2003 increased versus the first thirteen weeks of 2002
due  to  price  increases  and  improved  product  mix.

       Selling, general  and  administrative  expenses increased 3.5% from $17.2
million  in  the  first  thirteen  weeks  of  2002 to $17.8 million in the first
thirteen  weeks  of  2003.  The  increase was attributable to higher payroll and
employee  related  costs  compared  with 2002. Depreciation and amortization was
approximately  $1.5  million  in the first thirteen weeks of both 2003 and 2002.

       EBITDA(a), defined  as net income (loss) less  depreciation, amortization
and  interest  expense,  net  declined  by $1.1 million from $0.1 million in the
first  thirteen  weeks  of 2002 to ($1.0) million in the first thirteen weeks of
2003,  due  to  reduced  sales  and  increased  expenses.

       Interest expense, net was approximately $544,000 for  the  first thirteen
weeks  of  2002  compared  with  $452,000  in 2003. In the current period, lower
interest  rates  and slightly lower average borrowings resulted in the reduction
in  interest  expense for the first thirteen weeks of 2003 versus the comparable
period  of  2002.

     As a  result of the foregoing, our net loss increased to $2.9  million  in
the  first  thirteen weeks of 2003 compared to a net loss of $1.9 million in the
first thirteen weeks of 2002. Net loss per share for the first thirteen weeks of
2003  and  2002  was  $1.19  and  $0.80,  respectively.


                                            THIRTEEN WEEKS ENDED
                                   ----------------------------------------
EBITDA Reconciliation (a):            May 3, 2003            May 4, 2002
--------------------------------   ----------------------------------------

Net loss                           $       (2,930,147)     $    (1,940,331)
Interest expense                              451,783              543,846

Depreciation and amortization               1,454,741            1,491,645
                                   -------------------     ----------------
EBITDA                             $       (1,023,623)     $        95,160
                                   ===================     ================

     In  order to fully  assess  our  financial  operating  results,  management
believes that EBITDA is an  appropriate  measure of evaluating our operating and
liquidity performance, because it reflects the resources available for strategic
opportunities including,  among others, to invest in the business and strengthen
the balance sheet. However,  these measures should be considered in addition to,
not as a substitute,  or superior to,  operating  income,  cash flows,  or other
measures of financial performance prepared in accordance with generally accepted
accounting principles.  EBITDA should not be considered as an alternative to, or
more meaningful than, operating income as determined in accordance with GAAP, or
as a measure of liquidity.  Because  EBITDA is not calculated in the same manner
by all  companies,  the  representation  herein may not be  comparable  to other
similarly titled measures of other companies.

                                       9

<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

     Our  principal  capital  requirements  are to fund  Perfumania's  inventory
purchases,  renovate existing stores,  and selectively open new stores.  For the
first thirteen weeks of fiscal 2003, these capital  requirements  generally were
satisfied through borrowings under our credit facility.

     At May 3, 2003, we had a working capital  deficiency of approximately  $1.7
million compared to a working capital of approximately  $1.8 million at February
1, 2003.  The  decrease  was  primarily  due to the net loss  during the current
period, increased purchases of property and equipment and lower long-term debt.

     Net cash  used in  operating  activities  during  the  current  period  was
approximately $3.4 million compared with approximately $2.9 million for the same
period in the prior year. The increase in cash used in operating  activities was
primarily  due to the $1.0 million  increase in net loss for the first  thirteen
weeks of 2003 compared with the same period in the prior year.

     Net cash used in investing activities was approximately $2.0 million in the
first  thirteen  weeks of fiscal year 2003 compared to $0.2 million in the first
thirteen  weeks  of  2002.  Investing  activities  represent  spending  for  the
renovation of existing stores and new store openings.

     Net cash  provided by financing  activities  during the current  period was
approximately $4.1 million compared with approximately $3.2 million for the same
period in the prior year.  The  increase  was due  primarily  to a reduction  of
convertible debenture payments of approximately $0.7 million.

     Perfumania's senior secured credit facility with GMAC Commercial Credit LLC
provides  for  borrowings  of up to $40  million,  of which  approximately  $1.5
million was  available  at May 3, 2003,  and  supports  normal  working  capital
requirements and other general corporate  purposes.  The facility expires in May
2004.  Advances  under the line of credit  are  based on a formula  of  eligible
inventories  and bears  interest at a floating  rate ranging from (a) prime less
0.75% to prime plus 1% or (b) LIBOR plus 1.75% - 3.50%  depending on a financial
ratio  test.  As of May 3, 2003,  the credit  facility  bore  interest  at 4.0%.
Borrowings  are  secured  by a first lien on all  assets of  Perfumania  and the
assignment  of a life  insurance  policy on Ilia  Lekach.  The  credit  facility
contains  limitations on additional  borrowings,  capital expenditures and other
items,  and contains  various  covenants  including  maintenance  of minimum net
worth,  and  certain key  ratios,  as defined by the lender.  As of May 3, 2003,
Perfumania was not in compliance with its fixed charge ratio and leverage ratio.
On June 16, 2003,  Perfumania  obtained a waiver from GMAC for all  instances of
non-compliance as of May 3, 2003.

     As  of  May  3, 2003, we have a seasonal working capital deficiency of $1.7
million,  cash  balances  of approximately $1.7 million and additional borrowing
capacity  of  $1.5  million  under  our  bank line of credit; this could have an
effect  on  our  ability  to  meet  our obligations over the next twelve months.
Management  believes  that  the cash balances, the available borrowing capacity,
and the projected future operating results will generate sufficient liquidity to
support  our  working capital needs and capital expenditures for the next twelve
months;  however,  there  can  be  no  assurance that management`s plans will be
successful.  If  we are unable to generate sufficient cash flows from operations
in  the future to service our obligations and/or refinance our existing debt, we
could  face  liquidity  and  working  capital constraints, which could adversely
impact  future  operations  and  growth.

     During the thirteen weeks ended May 3, 2003, Perfumania closed 3 stores and
opened 2 new stores. In addition,  Perfumania  remodeled 11 more stores than the
year's  comparable  period.  At May 3,  2003,  Perfumania  operated  237  stores
compared to 244 stores as of May 4, 2002. Management's focus is on improving the
profitability of existing stores and plans to open a maximum of 8 new stores for
the remainder of fiscal year 2003.

RECENT ACCOUNTING STANDARDS

     In May 2003,  the Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial  Accounting  Standards ("SFAS") No. 150,  "Accounting for
Certain  Financial  Instruments  with  Characteristics  of both  Liabilities and
Equity." This statement  establishes  standards for how an issuer classifies and
measures certain financial  instruments with characteristics of both liabilities
and equity.  It requires that an issuer classify a financial  instrument that is
within its scope as a liability (or asset in some  circumstance).  Many of those
instruments were previously classified as equity. The statement is effective for
financial instruments entered into or modified after May 31, 2003, and otherwise
is effective at the beginning of the first interim period  beginning  after June
15, 2003. The adoption of SFAS No. 150 is not expected to have a material impact
on our consolidated financial position, results of operations or disclosures.


                                       10
<PAGE>


     In April 2003, the FASB issued SFAS No. 149, "Amendment of Statement 133 on
Derivative  and Hedging  Activities."  In  general,  this  statement  amends and
clarifies  accounting for derivative  instruments,  including certain derivative
instruments  embedded in other contracts,  and for hedging activities under SFAS
No. 133.  This  statement is effective  for  contracts  entered into or modified
after June 30, 2003,  and for hedging  relationships  designated  after June 30,
2003. The adoption of SFAS No. 149 is not expected to have a material  impact on
our consolidated financial position, results of operations or disclosures.

CRITICAL ACCOUNTING POLICIES

     Our  condensed  consolidated  financial  statements  have been  prepared in
accordance with accounting principles generally accepted in the United States of
America.  As such, some accounting policies have a significant impact on amounts
reported  in  these  financial  statements.   A  summary  of  those  significant
accounting policies and a description of accounting policies that are considered
critical can be found in our 2002 Annual Report on Form 10-K, filed on April 30,
2003 in the  notes  to the  Consolidated  Financial  Statements,  Note 1 and the
Critical  Accounting  Policies  Section.  These policies have been  consistently
applied in all  material  respects and address  such  matters as  principles  of
consolidation,  allowance  for doubtful  accounts,  investments,  impairment  of
long-lived assets, accrued  self-insurance,  revenue recognition and stock based
compensation.  While the estimates and judgments associated with the application
of these policies may be affected by different  assumptions  or  conditions,  we
believe the  estimates and judgments  associated  with the reported  amounts are
appropriate in the circumstances.

FORWARD LOOKING STATEMENTS

     Some of the  statements  in this  quarterly  report,  including  those that
contain  the  words  "anticipate,"   "believe,"  "plan,"  "estimate,"  "expect,"
"should,"  "intend"  and  other  similar   expressions,   are   "forward-looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995.  Those  forward-looking  statements  involve  known and unknown  risks,
uncertainties  and other factors that may cause our actual results,  performance
or  achievements  or those of our industry to be materially  different  from any
future  results,  performance  or  achievements  expressed  or  implied by those
forward-looking statements.

RISK FACTORS

WE MAY HAVE PROBLEMS RAISING MONEY NEEDED IN THE FUTURE

     Our  growth  strategy  includes   selectively  opening  and  operating  new
Perfumania  retail  locations and increasing the average retail sales per store.
We may need to  obtain  funding  to  achieve  our  growth  strategy.  Additional
financing  may not be  available  on  acceptable  terms,  if at all. In order to
obtain additional financing, we may be required to issue securities with greater
rights than those  currently  possessed by holders of our common  stock.  We may
also be required to take other  actions which may lessen the value of our common
stock, including borrowing money on terms that are not favorable to us.

PERFUMANIA'S BUSINESS IS SUBJECT TO SEASONAL  FLUCTUATIONS,  WHICH COULD LEAD TO
FLUCTUATIONS IN OUR STOCK PRICE

     Perfumania   has   historically   experienced   and   expects  to  continue
experiencing  higher sales in the third and fourth  fiscal  quarters than in the
first and second fiscal quarters. Purchases of fragrances as gift items increase
during the Christmas holiday season which results in significantly higher fourth
fiscal  quarter  retail  sales.  If our  quarterly  operating  results are below
expectations  of stock  market  analysts,  our stock  price might  decline.  Our
quarterly  results may also vary as a result of the timing of new store openings
and store  closings,  net sales  contributed by new stores and  fluctuations  in
comparable sales of existing stores. Sales levels of new and existing stores are
affected by a variety of factors,  including the retail sales  environment,  the
level  of  competition,  the  effect  of  marketing  and  promotional  programs,
acceptance of new product introductions,  adverse weather conditions and general
economic conditions.

                                       11

<PAGE>



PERFUMANIA MAY EXPERIENCE SHORTAGES OF THE MERCHANDISE IT NEEDS BECAUSE IT DOES
NOT HAVE LONG-TERM AGREEMENTS WITH SUPPLIERS

     Perfumania's success depends to a large degree on our ability to provide an
extensive  assortment of brand name and designer  fragrances.  Perfumania has no
long-term purchase contracts or other contractual assurance of continued supply,
pricing or access to new products. If Perfumania is unable to obtain merchandise
from one or more key  suppliers  on a timely  basis,  or if there is a  material
change in Perfumania's ability to obtain necessary  merchandise,  our results of
operations could be seriously harmed.

PERFUMANIA NEEDS TO SUCCESSFULLY MANAGE ITS GROWTH

     Perfumania  may not be able to sustain the growth in  revenues  that it has
achieved  historically.  Perfumania's  growth is somewhat dependent upon opening
and operating new retail stores on a profitable basis,  which in turn is subject
to, among other things,  securing  suitable store sites on  satisfactory  terms,
hiring, training and retaining qualified management and other personnel,  having
adequate capital resources and successfully integrating new stores into existing
operations.  It is possible that Perfumania's new stores might not achieve sales
and  profitability  comparable to existing  stores,  and it is possible that the
opening of new locations might adversely affect sales at existing locations.

PERFUMANIA COULD BE SUBJECT TO LITIGATION BECAUSE OF THE MERCHANDISING ASPECT OF
ITS BUSINESS

     Some of the merchandise Perfumania purchases from suppliers is manufactured
by  entities  who are not the owners of the  trademarks  or  copyrights  for the
merchandise.  The owner of a particular  trademark or  copyright  may  challenge
Perfumania to demonstrate  that the specific  merchandise  was produced and sold
with the proper  authority;  if  Perfumania  is unable to  demonstrate  this, it
could,   among  other  things,  be  restricted  from  reselling  the  particular
merchandise.  This  type of  restriction  could  adversely  affect  Perfumania's
business and results of operations.

FUTURE GROWTH MAY PLACE  STRAINS ON OUR  MANAGERIAL,  OPERATIONAL  AND FINANCIAL
RESOURCES

     If we grow as expected, a significant strain on our managerial, operational
and  financial  resources  may  occur.  Further,  as the  number  of our  users,
advertisers  and other  business  partners  grow,  we will be required to manage
multiple  relationships  with various  customers,  strategic  partners and other
third  parties.  Future  growth  or  increase  in the  number  of our  strategic
relationships could strain our managerial,  operational and financial resources,
inhibiting our ability to achieve the rapid execution  necessary to successfully
implement our business plan. In addition, our future success will also depend on
our  ability  to expand our sales and  marketing  organization  and our  support
organization commensurate with the growth of our business and the Internet.

WE ARE SUBJECT TO INTENSE COMPETITION

     Some of  Perfumania's  competitors  sell  fragrances at discount prices and
some are part of large  national  or  regional  chains  that have  substantially
greater  resources and name  recognition than  Perfumania.  Perfumania's  stores
compete on the basis of selling price, customer service, merchandise variety and
store  location.  Many of our current and  potential  competitors  have  greater
financial,  technical,  operational, and marketing resources. We may not be able
to compete  successfully against these competitors in developing our products or
services.

PERFUMANIA'S BUSINESS MAY BE AFFECTED BY THE CONTINUING ECONOMIC DOWNTURN

     Sales levels at Perfumania's retail stores may be adversely affected during
fiscal  year 2003 and beyond by a  continuing  economic  downturn  in the United
States.  Due to higher  unemployment,  stagnant  business  growth  rates and the
continuing poor  performance of the stock market,  consumer  spending in general
and especially on discretionary  items, may decline. The length of this economic
downturn may adversely  impact our business,  the results of our  operations and
our liquidity in the future.

EXPANDING OUR BUSINESS THROUGH  ACQUISITIONS AND INVESTMENTS IN OTHER BUSINESSES
AND TECHNOLOGIES PRESENTS SPECIAL RISKS

     We  may  expand  through  the   acquisition  of  and  investment  in  other
businesses.  Acquisitions  involve a number of special  problems,  including:

                                       12

<PAGE>

     o    difficulty   integrating  acquired   technologies,   operations,   and
          personnel with our existing business;
     o    diversion  of   management's   attention  in   connection   with  both
          negotiating the acquisitions and integrating the assets;
     o    the need for additional financing;
     o    strain on managerial and operational  resources as management tries to
          oversee larger operations; and
     o    exposure to unforeseen liabilities of acquired companies.

We may not be able to successfully address these problems.  Moreover, our future
operating  results  will  depend  to a  significant  degree  on our  ability  to
successfully manage growth and integrate acquisitions.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

     During the quarter ended May 3, 2003,  there have been no material  changes
in the information about our market risks as of February 1, 2003 as set forth in
Item 7A of the 2002 Form 10-K.


ITEM 4. CONTROLS AND PROCEDURES

     Our Chief  Executive  Officer and Chief  Financial  Officer have concluded,
based on their evaluation within 90 days of the filing date of this report, that
our disclosure  controls and  procedures are effective for gathering,  analyzing
and disclosing the  information we are required to disclose in our reports filed
under the  Securities  Exchange  Act of 1934.  There  have  been no  significant
changes in our internal  controls or in other  factors that could  significantly
affect  these  controls  subsequent  to the  date  of the  previously  mentioned
evaluation.



PART II. OTHER INFORMATION


ITEM 1 . LEGAL PROCEEDINGS

         Not applicable.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

         Not applicable.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         Not applicable.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         Not applicable.

ITEM 5.  OTHER INFORMATION

         Not applicable.


                                       13

<PAGE>

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits

         Index to Exhibits

         Exhibit No. Description of Exhibit
         ----------  ----------------------

          99.1      Certification  by Chief  Executive  Officer  pursuant  to 18
                    U.S.C.  Section 1350, as adopted  pursuant to Section 906 of
                    the Sarbanes - Oxley Act of 2002.

          99.2      Certification  by Chief  Financial  Officer  pursuant  to 18
                    U.S.C.  Section 1350, as adopted  pursuant to Section 906 of
                    the Sarbanes - Oxley Act of 2002.

         (b) Reports on Form 8-K.

                    None

                                       14


<PAGE>


                              E COM VENTURES, INC.

                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  the  report  to be  signed  on its  behalf  by the
undersigned, thereunto duly authorized.


                                                  E COM VENTURES, INC.
                                               ---------------------------
                                                     (Registrant)


Date: June 13, 2003                   By:      /S/ ILIA LEKACH
                                               --------------------------
                                               Ilia Lekach
                                               Chairman of the Board and
                                               Chief Executive Officer
                                               (Principal Executive Officer)

                                      By:      /S/ A. MARK YOUNG
                                               -------------------------
                                               A. Mark Young
                                               Chief Financial Officer
                                               (Principal Financial and
                                               Accounting Officer)




                                       15

<PAGE>



                                 CERTIFICATIONS


            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I,  Ilia  Lekach,  certify  that:

(1)  I have reviewed this quarterly report on Form 10-Q of E Com Ventures, Inc.;

(2)  Based on my knowledge, this quarterly report does  not contain  any  untrue
     statement  of a material fact or omit to state a material fact necessary to
     make  the  statements  made, in light of the circumstances under which such
     statements  were made, not misleading with respect to the period covered by
     this  quarterly  report;  and

(3)  Based  on  my  knowledge, the  financial  statements, and  other  financial
     information  included  in  this  quarterly  report,  fairly  present in all
     material  respects  the financial condition, results of operations and cash
     flows  of  the  registrant  as  of,  and for, the periods presented in this
     quarterly  report.

(4)  The registrant's  other  certifying  officer  and I (herein the "Certifying
     Officers")  are  responsible  for  establishing  and maintaining disclosure
     controls  and  procedures  (as  defined  in  Exchange  Act Rules 13a-14 and
     15d-14)  for  the  registrant  and  we  have:

          (a)  designed such internal controls to ensure that material
               information  relating  to  the  registrant,  including  its
               consolidated  subsidiaries  (collectively  the "Company") is made
               known  to  the  Certifying Officers by others within the Company,
               particularly  during the period in which this quarterly report is
               being  prepared;

          (b)  evaluated the effectiveness of the registrant's internal controls
               as  of  a  date  within  90 days prior to the filing date of this
               quarterly  report  (the  "Evaluation  Date");  and

          (c)  presented  in  this  quarterly  report  the  conclusions  of  the
               Certifying  Officers  about  the  effectiveness of the disclosure
               controls  and  procedures  based  on  our  evaluation  as  of the
               Evaluation  Date;

(5)  The registrant's Certifying Officers have disclosed, based on our most
     recent evaluation, to the registrant's auditors and the audit committee of
     registrant's board of directors:

          (a)  all significant deficiencies (if any) in the design or operation
               of internal controls which could adversely affect the
               registrant's ability to record, process, summarize and report
               financial data and have identified for the registrant's auditors
               any material weaknesses in internal controls; and

          (b)  any fraud, whether or not material, that involves management or
               other employees who have a significant role in the registrant's
               internal controls; and

          (6)  The registrant's Certifying Officers have indicated in this
               quarterly report whether or not there were significant changes in
               internal controls or in other factors that could significantly
               affect internal controls subsequent to the date of our most
               recent evaluation, including any corrective actions with regard
               to significant deficiencies and material weaknesses.


Date: June 13, 2003


By:  /S/ ILIA LEKACH
-----------------------
Ilia Lekach
Chief Executive Officer


                                       16

<PAGE>



                                 CERTIFICATIONS


            PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002



I, A. Mark Young, certify that:

(1)  I have reviewed this quarterly report on Form 10-Q of E Com Ventures, Inc.;

(2)  Based  on  my  knowledge, this quarterly report does not contain any untrue
     statement  of a material fact or omit to state a material fact necessary to
     make  the  statements  made, in light of the circumstances under which such
     statements  were made, not misleading with respect to the period covered by
     this  quarterly  report;  and

(3)  Based  on  my  knowledge,  the  financial  statements,  and other financial
     information  included  in  this  quarterly  report,  fairly  present in all
     material  respects  the financial condition, results of operations and cash
     flows  of  the  registrant  as  of,  and for, the periods presented in this
     quarterly  report.

(4)  The  registrant's  other  certifying  officer and I (herein the "Certifying
     Officers")  are  responsible  for  establishing  and maintaining disclosure
     controls  and  procedures  (as  defined  in  Exchange  Act Rules 13a-14 and
     15d-14)  for  the  registrant  and  we  have:

     (a)  designed  such  internal  controls to ensure that material information
          relating  to  the  registrant, including its consolidated subsidiaries
          (collectively  the "Company") is made known to the Certifying Officers
          by  others within the Company, particularly during the period in which
          this  quarterly  report  is  being  prepared;

     (b)  evaluated  the  effectiveness of the registrant's internal controls as
          of  a  date  within 90 days prior to the filing date of this quarterly
          report  (the  "Evaluation  Date");  and

     (c)  presented  in  this quarterly report the conclusions of the Certifying
          Officers  about  the  effectiveness  of  the  disclosure  controls and
          procedures  based  on  our  evaluation  as  of  the  Evaluation  Date;

(5)  The  registrant's  Certifying  Officers  have  disclosed, based on our most
     recent  evaluation, to the registrant's auditors and the audit committee of
     registrant's  board  of  directors:

     (a)  all  significant  deficiencies  (if any) in the design or operation of
          internal  controls  which  could  adversely  affect  the  registrant's
          ability  to  record,  process, summarize and report financial data and
          have  identified for the registrant's auditors any material weaknesses
          in  internal  controls;  and

     (b)  any  fraud, whether or not material, that involves management or other
          employees  who  have  a  significant role in the registrant's internal
          controls;  and

(6)  The  registrant's  Certifying  Officers  have  indicated  in this quarterly
     report  whether  or not there were significant changes in internal controls
     or  in  other  factors  that  could  significantly affect internal controls
     subsequent  to  the  date  of  our  most  recent  evaluation, including any
     corrective  actions  with  regard  to significant deficiencies and material
     weaknesses.





Date: June 13, 2003


By:  /S/ A. MARK YOUNG
------------------------
A. Mark Young
Chief Financial Officer


                                       17

<PAGE>