Bidz.com’s Q2 revenues dip by 22%

For online jewellery retailer Bidz.com the second quarter of 2011, which closed on June 30, 2011, did not deliver good sale. In the said months, the revenues dropped 22 percent y-o-y to $20 million. The sale of merchandise dipped 23 percent to $18.3 million and wholesale sales decreased 17 percent to $1.6 million. Net loss was widened to $5.3 million from a loss worth $653,000 in Q2 of 2010. Cost of revenues dipped 26 percent to $4.5 million and expenses rose by 8 percent to $7.5 million.

The retailer attributes this disappointing performance to a drop in demand for jewellery and the change to a new website in March – which is referred to as Modnique.com.