Nova LifeStyle, Inc. Reports Second Quarter FY 2024 Results
2024年8月15日 - 5:15AM
Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the
“Company”) today announced its financial results for the second
quarter ended June 30, 2024.
Key Financial Highlights:
Operating Results for the Three Months Ended June 30,
2024
- Net sales for three months
ended June 30, 2024 were $2.69 million, a decrease
of 40% from $4.46 million in the same period of
2023.
- Gross profit was $1.19 million
compared to $1.45 million in the same period of 2023.
- Net loss was ($563 thousand),
compared to ($539 thousand) loss in the same period of
2023.
Operating Results for the Six Months Ended June 30,
2024
- Net sales for the six months
ended June 30, 2024 were $5.06 million, a decrease
of 20% from $6.34 million in the same period 2023.
- Gross profit was $2.21 million,
compared to $2.11 million in the same period of 2023.
- Net loss was ($2.03 million),
compared to ($1.76 million) loss in the same period
of 2023.
Tawny Lam, Chairperson and Chief Executive Officer of Nova
LifeStyle, stated, “While we continue to experience high inflation
and high interest rates, both of which have an impact on our
overall business, we remain cautiously optimistic about the future.
With more than 32-years in the home furnishings industry, we have
positioned ourselves to maintain a strong presence among our
customers at their stores and showrooms. We believe our inventory
levels are sufficient to ensure quick delivery and maintain the
highest standard of customer satisfaction.”
About Nova LifeStyle
Nova LifeStyle, Inc. is a well-established,
innovative designer and distributor of modern lifestyle furniture;
primarily sofas, dining room furniture, cabinets, office furniture
and related components, bedroom furniture and various accessories,
in matching collections. Nova LifeStyle’s product lines include the
Nova Brands and Diamond Sofa (www.diamondsofa.com). Nova's products
feature urban contemporary styles that integrate comfort and
functionality, incorporating upscale luxury designs which appeal to
middle and upper middle-income consumers in
the USA, China, Southeast Asia, and elsewhere in the
world.
Visit Nova LifeStyle's 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 others, our ability to fully resume our
operations and remain financially healthy, 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 forward-looking terms such as
“anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,”
“may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,”
“objective,” “projection,” “forecast,” “goal,” “guidance,”
“outlook,” “effort,” “target,” “trajectory,” “focus,” “work to,”
“attempt,” “pursue,” or the negative of these terms or other
comparable terms. However, the absence of these words does not mean
that the statements are not forward-looking. These forward-looking
statements are based on certain assumptions and analyses made by us
in light of our experience and our perception of historical trends,
current conditions and expected future developments, as well as
other factors we believe are appropriate in the circumstances.
Investor Relations ContactAndrew
Barwicki516-662-9461andrew@barwicki.comir@novalifestyle.com
Nova Lifestyle (NASDAQ:NVFY)
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