Bidz.com revenues totaled $21.2 million in the fourth quarter, a 27 percent decrease from the same period last year; and its net loss for 2011 totaled $7 million, up from $1.4 million in 2010.
"Fiscal 2011 continued to be a challenging year for the company, and in particular, for Bidz.com," said CEO David Zinberg in a statement. “Over the past year, we've been working hard to manage expenses and improve margins, and during the quarter we started to see the positive impact of these efforts.”
The net revenues for Modnique.com, the company's boutique website, totaled $4.7 million in the fourth quarter, up from $1.8 million in 2010.
Other highlights from Bidz's fourth quarter financial statement:
- Net income: $98,000, up from $15,000 in 2010
- Gross profit: $6.4 million, down from $7.2 million
- Average selling price per order: $170, down 5.6%
- Number of new buyers: 37,607, down 30%