Bidz.com Net Revenues Harmed By Drop in B2B Activity

Bidz.com, an online jewelry retailer, posted a sharp fall in net revenues in the third quarter, totaling $24.8 million, compared with $55.4 million reported in the third quarter of 2008. The company pinned the drop on the soft global economy and a decrease in wholesale merchandise sales.

The wholesale business shrunk to $900,000 from $17.2 million in the same period of 2008.

Excluding wholesale sales, net revenues were $23.9 million, a 37.4 percent decline from the prior year. As a percentage of total revenue, Bidz’s international sales increased to 37.8 percent from 20.7 percent in the prior year.