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By Avi Krawitz
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Posted: 03/10/10 04:58
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RAPAPORT... Online jewelry retailer Bidz.com reported that its merchandise sales fell 29 percent to $25 million in the fourth quarter of 2009, which ended on December 31, 2009, noting that the jewelry sector continued to be hurt by the recession.
The company's total revenues, which included $2.4 million in wholesale sales, dropped 22 percent to $27.5 million during the three-month period. The number of Bidz.com's new buyers declined by 24 percent, compared with the same period of 2008, to 45,405, while the average rate of its daily orders dropped 37 percent to 1,564 items per day. The company's average gross selling price per order rose 12 percent year over year to $189. As a result of the latter declines, however, Bidz.com saw its net income fall 90 percent to $288,000 during the quarter. The company kept its operating expenses flat at $7.6 million, while it cut its revenue costs by 16 percent to $19.3 million.
“While our revenues continue to be impacted by the recession and its effect on consumer spending, particularly in the jewelry sector, we are continuing to enhance our product offerings at compelling values in an entertaining interactive format,” said Leon Kuperman, the president and chief technology officer at Bidz.
Kuperman also said that the company is monitoring its operating expenses, margins and inventory in order to enhance its financial position. David Zinberg, Bidz.com's chief executive officer (CEO), added that management is beginning to see positive momentum in the company’s core business, as well as in its new initiatives, in 2010.
“Since the end of the quarter, our business Bidz.com site has increased activity and conversions and our Modnique.com site is off to a good start,” Zinberg said. “Given these trends, as well as the somewhat improved overall economic climate, I believe that we will soon be seeing improved financial results.”
Bidz launched its Modnique platform in February as an exclusive, members-only, shopping sale site. The site offers premium-brand products in the categories of design apparel, accessories, shoes and houseware.
For the full year, Bidz.com's merchandise sales fell 40 percent to $177.1 million as its total revenues dropped 47 percent to $207.4 million. The company's net income declined 83 percent to $2.5 million for the year.
LH
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