Nova LifeStyle, Inc. Reports First Quarter FY 2024 Results

LOS ANGELES, May 15, 2024 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. announced… (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today reported financial results for the first quarter ended March 31, 2024.

“We are extremely pleased to announce financial and operational results that demonstrated increases in revenue, sales volume and higher gross margins,” said Tawny Lamm, Chairman and CEO of Nova LifeStyle. We continue to collaborate with our customers to ensure that we offer furniture that meets their needs in terms of design, functionality and trends, while also working with manufacturers and suppliers on a consistent basis resulting in product availability and maintaining satisfactory inventory levels.

Financial highlights:

  • Net sales for the three months ended March 31, 2024 were $2.38 million, an increase of 27% from $1.87 million for the same period in 2023. This increase in net sales resulted primarily from a 30% increase in sales volume while partially offset by 3%. % decrease in average selling price. Our three best-selling product categories for the three months ended March 31, 2024 were sofas, beds and chairs, which accounted for approximately 53%, 12% and 8% of sales, respectively.
  • Gross profit was $1.02 million for the three-month period ending March 31, 2024, compared to $0.66 million for the same period in 2023, representing an increase in gross profit of $0.35 million. Gross profit margin was 43% for the three months ended March 31, 2024, compared to 35% for the same period in 2023. The increase in gross profit and gross profit margin was primarily the result of increased sales of our higher-margin products. .
  • Net loss was $1.46 million for the three-month period ended March 31, 2024, compared to $1.22 million for the same period in 2023, primarily due to increased cost of sales and operating expenses.

About Nova Lifestyle

Nova LifeStyle, Inc. is an established and innovative designer and distributor of modern lifestyle furniture; Primarily sofas, dining room furniture, wardrobes, office furniture and related components, bedroom furniture and various accessories, in matching sets. Nova LifeStyle product lines include the Nova and Diamond Sofa brands (www.diamondsofa.com). Nova products feature contemporary urban styles that fuse comfort and functionality, and incorporate high-end luxury designs that appeal to middle- and upper-income consumers in the USA, China, Southeast Asia, South America and elsewhere in 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 our business. . Our operations and remain financially healthy are our expectations for future growth. 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 terminology such as “expect”, “estimate”, “believe”, “continue”, “could”, “intend”, “may”, “plan”, “potential”. “,” “forecast”, “should”, “will”, “expect”, “target”, “projection”, “forecast”, “target”, “guidance”, “outlook”, “effort”, “target” “or “path” or the negative of these terms or other similar terms. However, the absence of these words does not mean that statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyzes we have made in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate in the circumstances.

Contact investor relations
Andrew Barwicki

Nova LifeStyle, Inc. Reports First Quarter FY 2024 Results

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