Online jewelry retailer Bidz.com’s net revenues for the first quarter of 2010 were $28.2 million, compared with $31.2 million reported in the first quarter of 2009. During the quarter, the Company reported B2B sales of $1.6 million, compared with $0.2 million of sales in the prior year period. While the jewelry retailer saw a sequential increase in revenues from the seasonally stronger fourth quarter of 2009, its business continues to be impacted by the ongoing economic weakness, as well as an overall decline in demand for jewelry and other merchandise as consumers reduced their discretionary spending.

The company's domestic and international sales for the first quarter 2010 represented 62.1% and 37.9%, respectively, compared with 69.7% and 30.3%, respectively, in 2009. The top five international markets in the first quarter 2010 represented Canada, Australia, Azerbaijan, Saudi Arabia and Spain.

During the quarter, the average selling price per order increased 5.0% to $190 from $181; average items sold per transaction increased approximately 37.0% to 4.1 items and the company's acquisition cost per new buyer decreased by 23.5% to $39 from $51.

David Zinberg, Chief Executive Officer, added, "I am pleased to report that we are beginning to see positive momentum in both our core business and many of our newer initiatives. Since the end of last year, our Bidz.com site has experienced increased activity in terms of the number of items sold per day, and both our Modnique.com and Buyz sites are off to a good start. Given these trends, as well as a somewhat improved overall economic climate, I believe that we will soon be seeing improved financial results. We remain focused on achieving profitability and leveraging our model to deliver higher earnings, cash flow and shareholder returns."