LOS ANGELES, May 15, 2024 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) announced today that it announced its first quarter ending March 31, 2024. announced financial results.
Tawny Lam, Chairman and CEO of Nova LifeStyle, said: We continue to work with our customers to provide furniture that meets their needs in terms of design, functionality and trends, and we work consistently with manufacturers and suppliers to increase product availability and ensure satisfactory stock levels. We will continue to maintain this. ”
Key financial highlights:
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Net sales for the three months ended March 31, 2024 were $2.38 million, an increase of 27% from $1.87 million for the same period in 2023. This increase in net sales was primarily due to a 30% increase in sales volume, partially offset by a 3x increase. % decrease in average selling price. His three best-selling product categories for the three months ending March 31, 2024 were sofas, beds, and chairs, accounting for approximately 53%, 12%, and 8% of sales, respectively.
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Gross profit for the three months ended March 31, 2024 was $1.02 million, compared to $660,000 for the same period in 2023, representing an increase in gross profit of $350,000. Our gross margin was 43% for the three months ended March 31, 2024. This compares to 35% during the same period in 2023. The increase in gross profit and gross profit margin was primarily due to increased sales of higher margin products. .
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Net loss was $1.46 million for the three months ended March 31, 2024, compared to $1.22 million for the same period in 2023, primarily due to higher cost of goods sold and operating expenses.
About Nova Lifestyle
Nova LifeStyle, Inc. is an established and innovative designer and distributor of modern lifestyle furniture. The collection mainly includes sofas, dining room furniture, cabinets, office furniture and related components, bedroom furniture and various accessories. Nova LifeStyle's product line includes the Nova brand and the Diamond Sofa (www.diamondsofa.com). Nova's products feature an urban, contemporary style that integrates comfort and functionality, and are upscale and appealing to middle-class and upper-middle-income consumers in the United States, China, Southeast Asia, South America, and other parts of the world. It incorporates a luxurious design.
Visit the Nova LifeStyle website. 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. This includes our ability to fully reopen. The company maintains a sound financial position and is expected to grow in the future. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements may include statements such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” or “plan.” , “possibility”, “prediction”, “should”, “plan”, “expectation”, “purpose”, “forecast”, “prediction”, “goal”, “guideline”, “outlook”, “effort” “target”, “trajectory”, or the negative of these terms, or other equivalent terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements reflect certain assumptions made by us in light of historical trends, current conditions, our experience and perception of expected future developments, and other factors that we believe are appropriate in the circumstances. based on assumptions and analysis.
Investor information contact information
andrew berwicki
516-662-9461
andrew@barwicki.com
ir@novalifestyle.com