LOS ANGELES, April 15, 2024 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ:NVFY) ("Nova LifeStyle" or the "Company") today announced financial results for the fiscal year ended December 31, 2023.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, "We are encouraged with the overall performance as we have improved our margins and increased sales volume throughout the entire year, although pricing pressure has been an issue. We believe some of the initiatives we took in the past, in which we discontinued operations that were not a good fit for us moving forward, should allow us at least to maintain our gross profit margins."
Financial Results for the Year Ended December 31, 2023:
- Net sales from continuing operations for the year ended December 31, 2023 were $11.09 million, a decrease of 13% from $12.74 million for 2022. This decrease in net sales resulted primarily from a 33% decrease in average selling price, partially offset by a 31% increase in sales volume.
- Net loss from continuing operations was $7.72 million for the year ended December 31, 2023, compared to $17.08 million loss for 2022.
"The furniture market in North America remains challenging because we are experiencing a slow-down due to high interest rates and a more significant shift in consumer spending," continued Ms. Lam. "We are closely integrating product development alongside marketing results in appealing products that adhere to the scope of our target demographic of decision makers in the design, staging and retail fields. We have better identified our customers and how to cater to them," concluded Ms. Lam.
About Nova LifeStyle
Nova LifeStyle, Inc. is a well-established, innovative designer and distributor of modern lifestyle furniture; primarily sofas, dining room furniture, cabinets, office furniture and related components, bedroom furniture and various accessories, in matching collections. Nova LifeStyle's product lines include the Nova Brands and Diamond Sofa (www.diamondsofa.com). Nova's products feature urban contemporary styles that integrate comfort and functionality, incorporating upscale luxury designs which appeal to middle and upper middle-income consumers in the USA, China, Southeast Asia, and elsewhere in the world.
Visit Nova LifeStyle's website at www.NovaLifeStyle.com.
Forward-Looking Statements
This document includes 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 others, our expected future growth prospects, our ability to capitalize on future market opportunities, and our exploration of acquisition opportunities. 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 terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "promise," "effort," "target," "trajectory" or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2023 and our other reports and filings with SEC.
Investor Relations Contact
Andrew Barwicki
516-662-9461
[email protected]
[email protected]
