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Revenues at Bidz.com dip by 22% in Q4’09
Sales slipped low by 29%
By: Diamond World News Service
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Mar 10 2010 5:40PM
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Reference: 4738  

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The fourth quarter of 2009 saw income and revenue decreasing at Bidz.com. The online jewellery retailer saw sales of merchandise slipping 29 percent to $25 million. Its total revenues, including $2.4 million wholesale sales, dipped by 22 percent to $27.5 million. New buyer count reduced by 24 percent to 45,405, as compared to the corresponding quarter of 2008. Average orders per day also decreased by 36.5 percent to 1,564 items, but the average gross selling price per order increased by 12 percent to $189, reports say.

The retailer attributes low sales to the economic slowdown and its effects on consumer sentiments, especially for the jewellery sector. Net income in the said three months fell by 90 percent to $288,000, for the company. Operating expenses remained flat at $7.6 million, while cost of revenues was slashed by 16 percent to $19.3 million.

The company’s financial results for the entire year of 2009, showed a 40 percent drop in merchandise sales to $177.1 million, 47 percent decrease in total revenues to $207.4 million and 83 percent decrease in net income to $2.5 million. In the times ahead, the company is keeping a close watch on its inventory, operating expenses, and margins, to enhance its financial position, and evolving better product offerings that give great value to the customer.

The company has already begun to note positivity in business and its new initiatives taken on this year. With this outlook and some improvement cited in the global economy, the company is hopeful of better financial results in the months ahead.

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