LOS ANGELES, Aug. 12, 2022 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Firm”) at the moment introduced its monetary outcomes for the second quarter ended June 30, 2022.
Key Monetary Highlights:
Working Outcomes for the Three Months Ended June 30, 2022
- Web gross sales for 3 months ended June 30, 2022 have been $3.8 million, a rise of seven% from $3.5 million in the identical interval of 2021.
- Gross loss was ($3.5 million), in comparison with ($4 million) in the identical interval of 2021.
- Web loss was ($5.7 million), in comparison with ($6.3 million) loss in the identical interval of 2021.
Working Outcomes for the Six Months Ended June 30, 2022
- Web gross sales for the six months ended June 30, 2022 have been $7.5 million, a rise of 9% from $6.9 million in the identical interval 2021.
- Gross (loss) was ($2.0 million), in comparison with ($2.6 million) in the identical interval of 2021.
- Web loss was ($6.6 million), in comparison with ($7.1 million) loss in the identical interval of 2021.
Tawny Lam, Chairperson and Chief Government Officer of Nova LifeStyle, said, “Our second-quarter efficiency displays our staff’s capacity to give attention to gross sales in a really complicated enterprise surroundings. Some provide disruptions, inflationary pressures and low client sentiment are being mirrored in our quarterly numbers. We proceed to implement a gross sales and advertising and marketing strategy that we consider will enable us to broaden our market share.”
“We proceed to advance our design improvements. On the entire, we have been happy with the gross sales to this point within the first half of the yr, however price strain stays irritating,” concluded Ms. Lam.
About Nova LifeStyle
Nova LifeStyle, Inc. is a well-established, progressive designer and distributor of contemporary way of life furnishings; primarily sofas, eating room furnishings, cupboards, workplace furnishings and associated elements, bed room furnishings, jade mats and varied equipment, in matching collections. Nova LifeStyle’s product traces embrace the Nova Manufacturers and Diamond Couch (www.diamondsofa.com). Nova’s merchandise function city up to date types that combine consolation and performance, incorporating upscale luxurious designs which attraction to center and higher middle-income shoppers within the USA, China, Southeast Asia, and elsewhere on the earth.
Go to Nova LifeStyle’s web site at www.NovaLifeStyle.com.
This press launch might comprise forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended, together with, amongst others, our capacity to totally resume our operations and stay financially wholesome, our anticipated future progress 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 similar to “anticipate,” “estimate,” “consider,” “proceed,” “might,” “intend,” “might,” “plan,” “potential,” “predict,” “ought to,” “will,” “anticipate,” “goal,” “projection,” “forecast,” “objective,” “steerage,” “outlook,” “effort,” “goal,” “trajectory,” “focus,” “work to,” “try,” “pursue,” or the adverse of those phrases or different comparable phrases. Nonetheless, 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 analyses 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 we consider are applicable within the circumstances.
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