Groupon says its focus is on the bottom line, rather than top-line growth.
Q2 sales tumbled at online jewelry retailer and auctioneer Bidz.com Inc. Sales and net income in the quarter declined by 51.1% and 82.2%, respectively.
Sales tumbled at online jewelry retailer and auctioneer Bidz.com Inc. in the second quarter
In the second quarter ended June 30:
- Revenue declined 51.1% to $26.9 million from $55 million in the second quarter of 2008.
- Net income decreased year over year 82.8% to $620,000 from $3.6 million.
- The average order value in Q2 2009 declined 1.6% to $180 from $183 in the prior year.
- New buyers decreased year over year 40.5% to 38,577 from 64,882.
- Average items sold per day in Q2 2009 declined 40.9% to 5,956 from 10,082 in Q2 2008.
For the first half of the year:
- Total revenue declined 50.3% year over year to $58.1 million from $116.9 million.
- Net income decreased 74.4% to $2.1 million from $8.2 million in the prior year.