Nova LifeStyle, Inc. Reports First Quarter FY 2023 Results
LOS ANGELES, May 15, 2023 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ:NVFY) ("Nova LifeStyle" or the "Company") today announced financial results for the first quarter ended March 31, 2023.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, "We are disappointed with the decline in sales that we experienced during the quarter, which we attribute to macro economic conditions and the monetary policy in the United States."
Key Financial Highlights:
- Net sales from continuing operations for three months ended March 31, 2023 were $1.87 million, compared to $3.67 million in the same period of 2022. The decrease in net sales is mainly attributed to the impact of inflation, U.S. tightening monetary policy, which has reduced consumer purchasing power.
- Net loss from continuing operations for the three months ended March 31, 2023 was $1.22 million, compared to $0.87 million in the same period of 2022.
"Notwithstanding the substantial challenges presented by current economic conditions, we anticipate an improvement in second quarter operating results as a result of the business that we expect to be generated from our new marketing partnerships, and we believe that our inventory levels put us in a position to service our existing customer base and that new business. " 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, South America, and elsewhere in the world.
Visit Nova LifeStyle's website at www.NovaLifeStyle.com.
Forward-Looking Statements
This press release may contain 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 ability to fully resume our operations and remain financially healthy, our expected future growth prospects. 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," "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.
Investor Relations Contact
Andrew Barwicki
516-662-9461
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