LOS ANGELES, Could 13, 2022 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Firm”) right this moment introduced monetary outcomes for the primary quarter ended March 31, 2022. .
Key Monetary Highlights:
- Web gross sales for the three months ended March 31, 2022 had been $three.67 million, a rise of 10% from $three.33 million for a similar interval in 2021.
- Web loss for the three months ended March 31, 2022 was $zero.86 million, in comparison with a web lack of $zero.76 million in the identical interval in 2021.
Tawny Lam, President and CEO of Nova LifeStyle, said, “For the quarter, the Firm progressed on schedule and inside our price range as we aggressively pursued new gross sales alternatives and returned to our regular operations. We’re celebrating our 30th yr within the residence furnishings business and launched our 30th anniversary assortment and 112-page product catalog throughout Q1. We consider these efforts will provoke substantial change and development as we plan to launch our largest assortment within the challenge of summer time 2022 Las Vegas Market subsequent July.”
“Our working capital place and stock ranges place us to rapidly fill buyer orders whereas capitalizing on stock shortages that a few of our rivals could also be dealing with,” Ms. Lam concluded.
About Nova Way of life
Nova LifeStyle, Inc. is an progressive and well-established designer and distributor of recent way of life furnishings; primarily sofas, eating room furnishings, cupboards, workplace furnishings and associated parts, bed room furnishings, jade rugs and varied equipment, in matching collections. Nova LifeStyle product strains embrace Nova Manufacturers and Diamond Couch (www.diamondsofa.com). Nova merchandise function modern avenue kinds that combine consolation and performance, incorporating upscale luxurious designs that attraction to center and upper-middle revenue shoppers within the US, China, Southeast Asia, South America and different components of the world. world. Go to the Nova LifeStyle web site at www.NovaLifeStyle.com.
This press launch could comprise forward-looking statements throughout the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Alternate Act of 1934, as amended, together with, however not restricted to , our capability to totally resume our operations and stay financially wholesome, our anticipated future development prospects. All statements aside from statements of historic truth are, or could also be thought of, forward-looking statements. In some instances, forward-looking statements could also be recognized by means of forward-looking phrases similar to “anticipate”, “estimate”, “consider”, “proceed”, “might”, “intend”, “could”, “plan”, “potential”. ”, “predict”, “ought to”, “will”, “count on”, “goal”, “projection”, “forecast”, “aim”, “steering”, “outlook”, “effort”, ” “goal” , “monitor document,” or the destructive of those or comparable phrases. Nevertheless, the absence of those phrases doesn’t imply that the statements are usually not forward-looking. These forward-looking statements are based mostly on sure assumptions and analyzes made by us in gentle of our expertise and our notion of historic developments, present circumstances and anticipated future developments, in addition to different components that we consider are applicable within the circumstances.
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