Bidz.com Reports Decline in Revenues and Profits
JCK Staff -- JCK Online, 8/11/2009 11:45:41 AM
Bidz.com reported Monday a revenue decrease of 51 percent and a net profit loss of 83 percent in the second quarter.The California-based online jewelry retailer's net revenues fell to $29.6 million from $55 million in 2008. The company posted a net profit of $620,000, down from $3.6 million last year.
The company also reported that they had no long term debt and $31.6 million in positive working capital. The company also reported a 9.2 percent increase in international sales.
During the second quarter, Bidz.com spent $2.5 million to repurchase 714,000 shares. The company also reported that the number of new buyers fell 41 percent to 38, 577 and the average selling price per order fell 1.6 percent to $180.
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