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Nova LifeStyle (NASDAQ: NVFY) has released its fiscal 2024 financial results, showing mixed performance. Net sales decreased 13% to $9.69 million from $11.09 million in 2023, primarily due to a 39% decrease in sales volume, partially offset by a 43% increase in average selling price.
Gross profit slightly improved to $4.25 million from $4.17 million in 2023, with gross profit margin increasing to 44% from 38%. This improvement was attributed to reduced low-margin jade mat liquidation sales in Malaysia during 2023. The company reported a net loss of $5.56 million, an improvement from the $7.72 million loss in 2023.
CEO Tawny Lam highlighted operational improvements and long-term strategy implementation to address challenges including tariffs, economic conditions, and real estate sector uncertainty. The company is currently revamping its product line and seeking complementary products.
Nova LifeStyle (NASDAQ: NVFY) reported Q3 2024 financial results with net sales of $2.6 million, up 6% from Q3 2023. Gross profit reached $1.2 million, slightly higher than $1.1 million in the same period last year. However, net loss from operations widened to $2.5 million compared to $1.3 million loss in Q3 2023.
For the nine months ended September 30, 2024, net sales decreased 13% to $7.7 million, while gross profit improved to $3.4 million. The company implemented operational improvements in logistics but faced increased expenses, resulting in a $4.5 million operational loss for the nine-month period.
Nova LifeStyle (NASDAQ: NVFY) reported its Q2 FY2024 financial results, showing a decline in performance. Net sales for Q2 2024 decreased by 40% to $2.69 million from $4.46 million in Q2 2023. The company's gross profit fell to $1.19 million from $1.45 million year-over-year. Net loss slightly increased to ($563 thousand) compared to ($539 thousand) in the same period last year.
For the first half of 2024, net sales dropped 20% to $5.06 million, while gross profit marginally improved to $2.21 million. The net loss widened to ($2.03 million) from ($1.76 million) in H1 2023. Despite challenging economic conditions, CEO Tawny Lam expressed cautious optimism, citing the company's strong industry presence and sufficient inventory levels to ensure customer satisfaction.
Nova LifeStyle (NASDAQ: NVFY) reported its Q1 FY 2024 financial results, showcasing a 27% increase in net sales, reaching $2.38 million, up from $1.87 million in Q1 FY 2023. This growth was driven by a 30% rise in sales volume, despite a 3% drop in average selling price. Key product categories contributing to sales were sofas (53%), beds (12%), and chairs (8%).
Gross profit rose to $1.02 million from $0.66 million, with gross profit margins improving to 43% from 35%. However, the net loss expanded to $1.46 million from $1.22 million due to higher costs of sales and operating expenses.
Nova LifeStyle, Inc. (NASDAQ: NVFY) reported its financial results for the fiscal year ending December 31, 2022. Net sales increased by 2% to $12.74 million, driven by a 13% rise in average selling prices but offset by a 10% decline in sales volume. A significant gross loss of $7.78 million was recorded, a stark decline from a gross profit of $5.52 million in 2021. This gross loss margin reached 61%, influenced largely by a $12.90 million inventory write-down associated with discontinued operations in Malaysia. The net loss narrowed to $17.10 million from $19.96 million in 2021. The company anticipates improved operational results in 2023 from increased activity in the staging sector, partnerships with Walmart and Slumberland, and reduced international shipping costs.
