Bidz Net Revenues Decline, Posts Q1 Loss
May 17, 10
Online jewelry retailer Bidz.com reported first quarter income of $28.2 million, declining 9.6 percent compared to last year. The company ended the quarter with an $111,000 loss compared to a $1.5 million profit a year ago.
The company reported B2B sales of $1.6 million, compared with $0.2 million in the prior year period.
Bidz said that its business continues to be impacted by the ongoing economic weakness, as well as an overall decline in demand for jewelry and other merchandise as consumers reduced their discretionary spending.
Sales outside of the U.S. grew from 30.3 percent to 37.9 percent. The top five international markets were Canada, Australia, Azerbaijan, Saudi Arabia and Spain.