LOS ANGELES, Aug. 12, 2022 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Firm”) right this moment introduced monetary outcomes for the second quarter ended June 30, 2022. .
Key Monetary Highlights:
Working Outcomes for the Three Months Ended June 30, 2022
- Internet gross sales for the three months ended June 30, 2022 have been $three.eight million, a rise of seven% from $three.5 million for a similar interval in 2021.
- Gross loss was ($three.5 million), in comparison with ($four million) in the identical interval in 2021.
- The online loss was ($5.7 million), in comparison with a lack of ($6.three million) in the identical interval in 2021.
Working Outcomes for the Six Months Ended June 30, 2022
- Internet gross sales for the six months ended June 30, 2022 have been $7.5 million, a rise of 9% from $6.9 million for a similar interval in 2021.
- Gross (loss) was ($2.zero million), in comparison with ($2.6 million) in the identical interval in 2021.
- The online loss was ($6.6 million), in comparison with a lack of ($7.1 million) in the identical interval in 2021.
Tawny Lam, President and CEO of Nova LifeStyle, stated, “Our efficiency within the second quarter displays our crew’s capacity to deal with gross sales in a really complicated enterprise atmosphere. Some provide disruptions, inflationary pressures and low shopper confidence are mirrored in our quarterly figures. We proceed to implement a gross sales and advertising and marketing method that we imagine will enable us to increase our market share.”
“We proceed to advance our design improvements. Total, we’re happy with gross sales thus far within the first half of the yr, however value stress stays irritating,” concluded Ms. Lam.
About Nova Life-style
Nova LifeStyle, Inc. is an revolutionary and well-established designer and distributor of recent life-style furnishings; primarily sofas, eating room furnishings, cupboards, workplace furnishings and associated elements, bed room furnishings, jade rugs and numerous equipment, in matching collections. Nova LifeStyle product strains embrace Nova Manufacturers and Diamond Couch (www.diamondsofa.com). Nova merchandise characteristic modern road types that combine consolation and performance, incorporating upscale luxurious designs that attraction to center and upper-middle earnings shoppers within the US, China, Southeast Asia and different elements of the world.
Go to the Nova LifeStyle web site at www.NovaLifeStyle.com.
Ahead-looking statements
This press launch could comprise forward-looking statements inside 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 others, our capacity to totally resume our operations and stay financially wholesome, our anticipated future progress prospects. All statements aside from statements of historic truth are, or could also be thought-about, forward-looking statements. In some circumstances, forward-looking statements could also be recognized by means of forward-looking phrases resembling “anticipate”, “estimate”, “imagine”, “proceed”, “might”, “intend”, “could”, “plan”, “potential”. ”, “predict”, “ought to”, “will”, “anticipate”, “goal”, “projection”, “forecast”, “purpose”, “steering”, “outlook”, “effort”, ” “goal” , “monitor,” “focus,” “work towards,” “intend,” “pursue,” or the adverse of those or comparable phrases. Nonetheless, the absence of those phrases doesn’t imply that the statements should not forward-looking. Ahead-looking statements are based mostly on sure assumptions and analyzes made by us in mild of our expertise and our notion of historic traits, present circumstances and anticipated future developments, in addition to different elements that we imagine are acceptable within the circumstances.
Investor Relations Contact
Andrew Barwicki
516-662-9461
andrew@barwicki.com
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