Revenue Drops 27% in Q1, an online jewelry retailer, announced its net revenue for the first quarter decreased 27.1 percent to $18.1 million.

“2012 continues to be a challenging year, particularly for,” David Zinberg, CEO of Bidz, said in a statement. “We are encouraged by the significant growth in Modnique as we remain focused on both our businesses. We are working to enhance our product assortment and overall shopping experience, as we continue to carefully manage our operating expenses.”

Highlights of’s financial statement (three months ended March 31):

  • Number of new buyers: down 26.3 percent
  • Average items sold per day: down 27.6 percent
  • Average items sold per transaction: down 12.8 percent
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