Bidz.com’s merchandise sales drop 19% in fiscal 2011

The fiscal year 2011 proved to be challenging for Bidz.com, as per the company. The year closed for Bidz.com with a 19 percent drop (on y-o-y basis) in merchandise sales to $79.1 million. The wholesale sales increased 9 percent to $6.8 million. The fiscal year closed December 31, 2011 with a net loss of $7 million (loss of only $1.4 million in fiscal-year 2010).

In the fourth quarter, Bidz.com's average selling price dropped 5.6 percent to $170. Also there was a 31 percent decrease in number of new buyers to 37,607. Further, there was a 31 percent drop in the average number of items sold each day to 4,782.

The company also noted that its portal modnique.com was growing and gaining in awareness and popularity.