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Average quantum of sales per day drops by 50% for Bidz.com
Net income decreases by 67%
By: Diamond World News Service
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May 7 2009 10:55AM
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Reference: 3783  

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There was a 50 drop in the net revenue of Bidz.com, amounting to $31.2 million for the first quarter ended March 31, 2009. The sales from U.S. accounted for around 70 percent of the total. With a 67 percent decrease over the same quarter last year, the company’s net income amounted to $1.5 million. It is noted that the gross margins increased to 32.7 percent from 29.1 last year. The company does not anticipate good sales for the following two quarters, as these are typically off-season periods for jewellery purchase.

During the said first quarter, the number of fresh buyers at Bidz.com dropped by 39 percent to 51,021, while the number of products sold per day sold decreased by 50 percent to 6,110. The average selling price per order showed a decline by $1 to $181.

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