Bidz.com Q1 sales top $44 million, up 28.9% from 2006
Net revenue at online jewelry retailer and auctioneer Bidz.com Inc. rose 28.9% to $44.7 million for first quarter of 2007, ended March 31, from $34.7 million in the same period in 2006. Bidz.com, No. 86 in the Internet Retailer Top 500 Guide, says in its recently filed 10-Q statement that the upswing results from increased product demand and a higher average sales amount per order.
Bidz.com’s average selling price per order for Q1 2007 was $154, up 8% from $142 in Q1 2006, and its average number of items sold per day was up 32% from 7,173 to 9,482.
Management cautions that net sales for the second and third quarters of 2007 will be lower than Q1 2007 due to seasonal weakness in the jewelry sales market.
The company’s previously announced plan to offer shares of its common stock on the Over the Counter Bulletin Board is expected to occur this month. Following that offering Bidz.com plans to apply for listing on The NASDAQ Capital Market. The plan was set in motion after an initial public stock offering fell through because not enough stockholders agreed to hold their shares for 180 days following the IPO.
For fiscal 2007, Bidz.com projects net sales of $170 million to $180 million, and pre-tax net income of $13 million to $14 million.
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