Bidz.com’s revenues dip 9.6% in Q1

The first quarter ending 31 March 2010, saw revenues decreasing for Bidz.com. Revenues amounted to $28.19 million, dropping by 9.6 percent, as compared to the same period last year. The said period generated loss worth $111,000, as compared to profits of $1.51 million, in the said quarter last year. Costs remained the same at $21 million.

The average selling price per order during the said three months, increased by 5 percent at $190. The number of items sold per transaction increased to 4.1 from 3 in three months of 2009. There were 40,501 new buyers, or 21 percent decline in new buyers. Average orders per day dropped 16 percent to 1,713. The company held $7.8 million in cash and $30.5 million in positive working capital with no long-term debt. Inventory was reduced by nearly $10 million in this year’s first quarter.