Q2 web sales sparkle for Bidz.com
E-commerce sales for Bidz.com Inc. sparkled in the second quarter.
Bidz, an online jewelry retailer and auctioneer, posted web sales of $39.1 million in Q2, up 20.7% from $32.4 million in the prior year, For the first six months of the year, Bidz, also grew its e-commerce revenue by 36% to $83.8 million from $61.7 million in the same months in the previous year.
Bidz is a web retailing and auction company that sells closeout jewelry, art and collectibles and is No. 86 in the Internet Retailer Top 500 Guide. The company grew Q2 net income to $2.9 million from just $147,000 in Q2 2006 and to $6.3 million for January through June from $3.4 million a year earlier. "The second quarter was an exciting one for Bidz.com as our stock began trading on the Nasdaq in June and we are proud to be reporting strong sales and earnings growth to our shareholders,” says president and CEO David Zinberg. “Traffic to our site continues to grow and the average order value increased approximately 29% year-over-year.”
During the second quarter, Bidz had an average of 2,700 orders per day vs. about 2,800 orders per day in the prior year’s quarter, the company says. The acquisition cost for a new buyer also declined to $38 from $49 in the second quarter of 2006, the company says.
Bidz expects revenue for the third quarter to range from $37 million to $39 million and from $170 million to $180 million for the full year.
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