(FORTUNE Magazine) – Looking at the recent plunge in B2C stocks, you might think the entire sector represents dead money right now. Amazon.com, eToys, and the handful of mangy pet sites all have lost at least 60% so far this year. But if any B2C stock has a chance at staging a comeback, it may be the Knot.

A four-year-old wedding-planning site (theknot.com), the Manhattan-based company went public last December at $10; since then it has plunged 61%. The Knot isn't yet profitable and won't be until 2002. Here's how it works: Couples register on the site while planning their wedding and check in every week until they hit the aisle. We know what you're thinking--gravy boats and Cuisinarts don't exactly have that new-economy sizzle. But take a look at the Knot's numbers and you may just want to get hitched.

First, it gets revenue from more than just banner ads. In the first quarter of this year, nearly 25% of sales ($3.7 million total) came from selling merchandise like towels, champagne flutes, and even honeymoon trips and home furnishings. Also, unlike other dot-coms that blow millions on Super Bowl ads, the Knot spends almost nothing on marketing. Co-founder Carley Roney, 32, who handles all the site's content, is a PR whiz. She has already written two wedding books that have sold well--with the Knot logo splashed across both covers--and she has a regular gig on NBC's Today show.

(Fittingly, Roney is married to another of the founders, David Liu. Along with two other business partners, Roney and Liu launched the site four years ago after their own wedding turned into a disaster--think 95-degree summer swelter and no air conditioning.)

The Knot also has deals with both AOL and QVC, and in February it bought Weddingpages, a chain of regional wedding guides that will add to its revenue and give it a local presence in 52 markets across the country.

Still not convinced? Consider this: Fully one-third of the 2.5 million U.S. couples who got married last year registered with the Knot. Currently it logs more than 2,000 new couples every day, and those couples spend an average of $20,000 for their weddings, honeymoons, bachelorette parties, and related events. And because people are always getting married (and remarried), the customer base constantly gets replenished. Think advertisers don't want to reach a demographic like that?

"It's a gem," says Lanny Baker, an analyst at Salomon Smith Barney (which, it should be noted, was one of the investment banks that helped bring the Knot public last year). "It's a washed-out gem at the moment, but stay tuned," Baker says. "Value comes from consumer activity, and they have that. It's well run, and it's in a huge market."

Cue the organ.