Bidz.com Q1 Income, Profit Slashed on Weak U.S. Economy

First quarter sales by Bidz.com totaled $31.2 million declining from $31.9 million in the first quarter of 2008, according to Securities filing. Net income dropped to $1.52 million from $4.61 million the year before.

The company - an online retailer of jewelry, featuring a live auction format - reported an increased share in sales to international markets following a weakness in the U.S. International sales of $9.45 million declined from $14.6 million, but represented 30.3 percent of quarterly sales, compared to 23.6 percent of sales a year ago.

U.S. sales of $21.7 million represented 69.7 percent of sales, down from 76.4 percent.

The number of new buyers fell 38.7 percent to 51,021 but the average selling price per order was flat, declining 0.5 percent to $181.