The jewelry business booms for Bidz.com
Online retailer and auctioneer Bidz.com Inc. is reporting sharply higher profits in the third quarter.
For Q3, Bidz.com is reporting net income of $3.6 million on revenue of $40.1 million, compared with net income of $997,000 on sales of $27.1 million in the prior year. Year over year the company’s net income rose by 261% while revenue grew by 48%. Bidz.com attributes the big jump in profits to more daily orders and bigger tickets. The average items sold per day in the third quarter rose by 20.3% to 8,814 and the average order value grew by 39.5% to $173.
“We are very pleased to announce such strong results for the third quarter,” says CEO David Zinberg. “Our unique value proposition and continued focus on executing our business and achieving results have driven this performance.”
For the first nine months of the year, Bidz.com, No. 86 in the Internet Retailer Top 500 Guide, had net income of $9.9 million on sales of $123.9 million, compared with net income of $4.4 million on sales of $94.2 million a year earlier.
In Q4 and for the full year, Bidz expects revenue to range from $56 million to $58 million and from $180 million to $182 million, respectively.
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