Nova LifeStyle Announces Fiscal 2024 Financial Results
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) ha pubblicato i risultati finanziari per l'esercizio 2024, mostrando una performance mista. Le vendite nette sono diminuite del 13% a 9,69 milioni di dollari rispetto agli 11,09 milioni di dollari del 2023, principalmente a causa di una diminuzione del 39% nel volume delle vendite, parzialmente compensata da un aumento del 43% nel prezzo medio di vendita.
Il profitto lordo è leggermente migliorato a 4,25 milioni di dollari rispetto ai 4,17 milioni di dollari del 2023, con il margine di profitto lordo che è aumentato al 44% dal 38%. Questo miglioramento è stato attribuito alla riduzione delle vendite di liquidazione di tappetini in giada a basso margine in Malaysia durante il 2023. L'azienda ha riportato una perdita netta di 5,56 milioni di dollari, un miglioramento rispetto alla perdita di 7,72 milioni di dollari del 2023.
Il CEO Tawny Lam ha evidenziato i miglioramenti operativi e l'implementazione della strategia a lungo termine per affrontare le sfide, tra cui le tariffe, le condizioni economiche e l'incertezza nel settore immobiliare. L'azienda sta attualmente ristrutturando la propria linea di prodotti e cercando prodotti complementari.
Nova LifeStyle (NASDAQ: NVFY) ha publicado sus resultados financieros para el ejercicio 2024, mostrando un desempeño mixto. Las ventas netas disminuyeron un 13% a 9,69 millones de dólares desde 11,09 millones de dólares en 2023, principalmente debido a una disminución del 39% en el volumen de ventas, parcialmente compensada por un aumento del 43% en el precio de venta promedio.
El beneficio bruto mejoró ligeramente a 4,25 millones de dólares desde 4,17 millones de dólares en 2023, con el margen de beneficio bruto aumentando al 44% desde el 38%. Esta mejora se atribuyó a la reducción de las ventas de liquidación de tapetes de jade de bajo margen en Malasia durante 2023. La empresa reportó una pérdida neta de 5,56 millones de dólares, una mejora con respecto a la pérdida de 7,72 millones de dólares en 2023.
La CEO Tawny Lam destacó las mejoras operativas y la implementación de la estrategia a largo plazo para abordar desafíos como aranceles, condiciones económicas e incertidumbre en el sector inmobiliario. La empresa está actualmente renovando su línea de productos y buscando productos complementarios.
노바 라이프스타일 (NASDAQ: NVFY)가 2024 회계연도 재무 결과를 발표했으며, 혼합된 성과를 보였습니다. 순매출은 2023년 1,109만 달러에서 969만 달러로 13% 감소했으며, 이는 주로 판매량이 39% 감소한 데 기인하며, 평균 판매 가격이 43% 증가한 것이 부분적으로 상쇄되었습니다.
총 이익은 2023년 417만 달러에서 425만 달러로 소폭 개선되었으며, 총 이익률은 38%에서 44%로 증가했습니다. 이러한 개선은 2023년 말레이시아에서의 저마진 자개 매트의 청산 판매 감소에 기인했습니다. 회사는 556만 달러의 순손실을 보고했으며, 이는 2023년 772만 달러의 손실에서 개선된 수치입니다.
CEO 타우니 램은 관세, 경제 상황 및 부동산 부문의 불확실성을 포함한 도전에 대응하기 위한 운영 개선 및 장기 전략 이행을 강조했습니다. 회사는 현재 제품 라인을 개편하고 보완 제품을 찾고 있습니다.
Nova LifeStyle (NASDAQ: NVFY) a publié ses résultats financiers pour l'exercice 2024, montrant une performance mitigée. Les ventes nettes ont diminué de 13% pour atteindre 9,69 millions de dollars contre 11,09 millions de dollars en 2023, principalement en raison d'une baisse de 39% du volume des ventes, partiellement compensée par une augmentation de 43% du prix de vente moyen.
Le bénéfice brut a légèrement augmenté à 4,25 millions de dollars contre 4,17 millions de dollars en 2023, avec une marge bénéficiaire brute passant de 38% à 44%. Cette amélioration a été attribuée à la réduction des ventes de liquidation de tapis en jade à faible marge en Malaisie pendant 2023. L'entreprise a rapporté une perte nette de 5,56 millions de dollars, une amélioration par rapport à la perte de 7,72 millions de dollars en 2023.
La PDG Tawny Lam a souligné les améliorations opérationnelles et la mise en œuvre d'une stratégie à long terme pour faire face aux défis, notamment les droits de douane, les conditions économiques et l'incertitude dans le secteur immobilier. L'entreprise est actuellement en train de réorganiser sa gamme de produits et de rechercher des produits complémentaires.
Nova LifeStyle (NASDAQ: NVFY) hat seine finanziellen Ergebnisse für das Geschäftsjahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Nettoumsatz sank um 13% auf 9,69 Millionen Dollar von 11,09 Millionen Dollar im Jahr 2023, was hauptsächlich auf einen Rückgang des Verkaufsvolumens um 39% zurückzuführen ist, der teilweise durch einen Anstieg des durchschnittlichen Verkaufspreises um 43% ausgeglichen wurde.
Der Bruttogewinn verbesserte sich leicht auf 4,25 Millionen Dollar von 4,17 Millionen Dollar im Jahr 2023, wobei die Bruttogewinnmarge von 38% auf 44% stieg. Diese Verbesserung wurde auf die Reduzierung von Liquidationsverkäufen von Jade-Matten mit niedrigen Margen in Malaysia im Jahr 2023 zurückgeführt. Das Unternehmen berichtete von einem Nettoverlust von 5,56 Millionen Dollar, eine Verbesserung im Vergleich zu dem Verlust von 7,72 Millionen Dollar im Jahr 2023.
CEO Tawny Lam hob betriebliche Verbesserungen und die Umsetzung einer langfristigen Strategie hervor, um Herausforderungen wie Zölle, wirtschaftliche Bedingungen und Unsicherheiten im Immobiliensektor zu begegnen. Das Unternehmen überarbeitet derzeit seine Produktlinie und sucht nach ergänzenden Produkten.
- Net loss improved by 28% from $7.72M to $5.56M
- Gross profit margin increased from 38% to 44%
- Average selling price increased by 43%
- Net sales declined 13% to $9.69M from $11.09M
- Sales volume decreased by 39%
- Company still operating at a significant loss ($5.56M)
Insights
Nova LifeStyle's 2024 results present a concerning picture despite some improvements in specific metrics. The 39% decline in sales volume signals serious demand challenges, which the company attempted to offset with a 43% increase in average selling price. This strategy mitigated some revenue impact, resulting in a 13% net sales decrease to
The company's gross margin improved from
However, context is critical: Nova's
Management's commentary about "weathering numerous storms" and revamping product lines indicates they recognize fundamental challenges but doesn't detail specific turnaround initiatives beyond operational improvements. With furniture being tied to real estate market health (which management notes as uncertain), Nova faces substantial headwinds in rebuilding sustainable demand while maintaining its new higher-price positioning.
LOS ANGELES, March 31, 2025 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced financial results for the fiscal year ended December 31, 2024.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, “The Company has substantially changed over the last few years. We have improved our day-to-day operations to ensure we have a long-term strategy in place to weather numerous storms, including the implementation of tariffs, the overall economy and uncertainty in the real estate sector. We are in the process of revamping our product line and will continue to look for new products to complement our existing products. It has been a lot of work to move the Company forward and I want to recognize the dedication of our employees who have embraced these changes to put us in a position to be successful."
Financial Results for the Year Ended December 31, 2024:
- Net sales for the year ended December 31, 2024 were
$9.69 million , a decrease of13% from$11.09 million for 2023. This decrease in net sales resulted primarily from39% decrease in sales volume, while partially offset by43% increase in average selling price. - Gross profit was
$4.25 million for the year ended December 31, 2024, compared to$4.17 million for the same year of 2023, representing an increase in gross profit of$0.08 million . Our gross profit margin was44% for the year ended December 31, 2024, compared to38% for the same year of 2023. The increase in gross profit and gross profit margin was mainly a result of the liquidation sales of the jade mats in Malaysia which came with low profit margin during the year ended December 31, 2023. - Net loss was
$5.56 million for the year ended December 31, 2024, compared to$7.72 million loss for 2023.
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, Middle East, 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, 2024 and our other reports and filings with SEC.
Investor Relations Contact
Andrew Barwicki
516-662-9461
andrew@barwicki.com
ir@novalifestyle.com
FAQ
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