Bidz Income Keeps Shrinking

(IDEX Online News) – Online retailer Bidz.com posted a decline in revenue and a growing loss for 2011, a turbulent year for the company. Bidz reported a $7 million loss for the year ended December 31, 2011.

Total revenues declined 17.6 percent to $86.4 million, despite a growth in activity in Canada and Australia. Business in its native U.S. fell from $62 million in 2010 to $47.3 million last year.

Bidz said the decrease in revenue was due primarily to weak consumer demand for jewelry and discretionary products.

The company further warns that it expects that demand to remain weak in 2012, "as consumers remain cautious with their discretionary spending amid slow economic growth."