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Bidz.com's Loss Grows to $7M in 2011

Merchandise sales drop 19% while wholesale revenue rises 9%.
Mar 16, 2012 2:44 PM   By Jeff Miller
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RAPAPORT... Bidz.com reported merchandise sales fell 19 percent year on year to $79.1 million, while wholesale sales rose almost 9 percent to $6.8 million for the fiscal-year that ended on December 31. The online retailer reported a net loss of $7 million for the year, compared with a loss of only $1.4 million in fiscal-year 2010.

Just for the fourth-quarter, Bidz.com's average selling price fell 5.6 percent to $170, the number of new buyers dropped 31 percent to 37,607, and the average number of items sold each day plunged 31 percent to 4,782.

Bidz.com closed the fourth-quarter with $1.2 million in cash, $22.2 million in working capital and no debt.

"Fiscal 2011 continued to be a challenging year for the Company, and in particular, for Bidz.com," said David Zinberg, the company's chief executive. "The Modnique.com website continued to grow significantly and gain both awareness and popularity, particularly through social media and viral force. The Modnique business showed strong momentum and we see many opportunities to further grow this business."

Tags: Bidz.com, Jeff Miller, loss, profit, sales, year
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