LOS ANGELES, Aug. 14, 2024 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced financial results for its second quarter ended June 30, 2024.
Key financial highlights:
Operating results for the three months ending June 30, 2024
For the three months ended June 30, 2024, net sales were $2.69 million, a decrease of 40% from $4.46 million for the same period in 2023. Gross profit was $1.19 million, a decrease compared to $1.45 million for the same period in 2023. Net loss was ($563 thousand), a decrease compared to a loss of ($539 thousand) for the same period in 2023.
Operating results for the six months ending June 30, 2024
For the six months ended June 30, 2024, net sales were $5.06 million, a decrease of 20% from $6.34 million for the same period in 2023. Gross profit was $2.21 million, a decrease compared to $2.11 million for the same period in 2023. Net loss was ($2.03 million), a decrease compared to a loss of ($1.76 million) for the same period in 2023.
Tawny Lamb, chairman and CEO of Nova LifeStyle, said, “Despite the continued high inflation and interest rates, both of which are impacting our overall business, we remain cautiously optimistic about the future. With over 32 years of experience in the home furnishings industry, we are well positioned to maintain a strong presence in our customers' stores and showrooms. We believe our inventory levels are sufficient to ensure prompt delivery and maintain the highest standards of customer satisfaction.”
About Nova LifeStyle
Nova LifeStyle, Inc. is an established and innovative designer and distributor of modern lifestyle furniture, including sofas, dining room furniture, cabinetry, office furniture and related components, bedroom furniture, and a variety of accessories. Nova LifeStyle's product lines include Nova Brands and Diamond Sofa (www.diamondsofa.com). Nova's products feature urban, contemporary style that combines comfort and functionality with upscale, luxury designs that appeal to middle- and upper-middle-class consumers in the United States, China, Southeast Asia, and other parts of the world.
Visit the Nova LifeStyle website at www.NovaLifeStyle.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among other things, our ability to fully resume operations and remain financially sound, and our expected future growth prospects. All statements other than statements of historical fact are or may be deemed to be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “objective,” “trajectory,” “focus,” “attempt,” “attempt,” “pursue,” or the negative of these terms or other similar terminology. However, the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on certain assumptions and analyses that we have made in light of our experience, our perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate in the circumstances.
Investor Relations Contact
Andrew Barwicki
516-662-9461
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