Bidz.com felt the economic slowdown this past quarter with a 9% quarterly drop in profits. The online retailer also felt it on their foreign auction sites, with more trouble to come. They are projecting a difficult season for retailers, but lots of good pickings when the quarter is done. From Bidz.com's FQ308 conference call:
To date we have repurchased a total of approximately 1,378,000 shares in the open market for a total of $12 million at an average price of $8.74 per share. We still have approximately $8 million for additional share repurchases and we expect to continue to make additional share repurchases in the fourth quarter of 2008.
Whereas we were anticipating in the past foreign translations [foreign language sites] may be a highlight of the holiday season. We’re starting to see that that may be also difficult times for the international community as well.
Closeouts will happen usually after the fourth quarter. Now everybody is still holding on to their merchandise expecting to have sales for their Christmas season and after that we’ll be able to see a lot of closeout hitting us.