LOS ANGELES, Nov. 14, 2024 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Firm”) at the moment introduced its monetary outcomes for the third quarter and 9 months ended September 30. , 2024.
Key monetary features:
Working outcomes for the three months ended September 30, 2024:
- Internet gross sales for the three months ended September 30, 2024 had been $2.6 million, a rise of 6% from $2.5 million for a similar interval in 2023.
- Gross revenue was $1.2 million, in comparison with a gross revenue of $1.1 million in the identical interval in 2023.
- Internet loss from operations was $2.5 million, in comparison with a lack of $1.three million in the identical interval in 2023.
Working outcomes for the 9 months ended September 30, 2024:
- Internet gross sales for the 9 months ended September 30, 2024 had been $7.7 million, a lower of 13% from $eight.eight million for a similar interval in 2023.
- Gross revenue was $three.four million, in comparison with a gross lack of $three.2 million in the identical interval in 2023.
- Internet loss from operations was $four.5 million, in comparison with a lack of $three.zero million in the identical interval in 2023.
Tawny Lam, President and CEO of Nova LifeStyle, stated: “In the course of the third quarter we continued to strengthen the underlying fundamentals of the enterprise. We applied a sequence of operational steps, together with enhancements to our logistics community to enhance effectivity whereas sustaining stock ranges to make sure deliveries to prospects. Whereas these modifications negatively impacted operations and bills within the third quarter, we consider these efforts place us effectively shifting ahead. “We’re dedicated to accelerating our technique in a disciplined method that avoids overspending and positions the enterprise for long-term development.”
About Nova LifeStyle
Nova LifeStyle, Inc. is an progressive and well-established designer and distributor of recent way of life furnishings; primarily sofas, eating room furnishings, wardrobes, workplace furnishings and associated elements, bed room furnishings and varied equipment, in matching collections. Nova LifeStyle's product strains embody Nova Manufacturers and Diamond Couch (www.diamondsofa.com). Nova's merchandise function up to date city types that combine consolation and performance, incorporating unique luxurious designs that enchantment to middle- and upper-middle-income 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 might include forward-looking statements inside the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended, together with, however not restricted to, our capacity to completely resume our operations and stay financially wholesome, our anticipated future development prospects. All statements apart from statements of historic truth are, or could also be deemed to be, forward-looking statements. In some circumstances, forward-looking statements could be recognized by means of forward-looking phrases equivalent to “anticipate”, “estimate”, “consider”, “proceed”, “might”, “intend”, “might”, “plan”, “potential”. ”, “predict”, “ought to”, “will”, “anticipate”, “goal”, “projection”, “forecast”, “purpose”, “orientation”, “outlook”, “effort”, “goal”, “path”, “focus”, “work in the direction of”, “intend”, “pursue”, or the damaging of those phrases or different comparable phrases. Nonetheless, the absence of those phrases doesn’t imply that the statements will not be forward-looking. on sure assumptions and analyzes made by us in gentle of our expertise and our notion of historic developments, present situations and anticipated future developments, in addition to different elements that we consider are acceptable within the circumstances.
Investor Relations Contact
Andres Barwicki
516-662-9461
andres@barwicki.com
ir@novalifestyle.com
