Nova LifeStyle, Inc. Reports First Quarter FY 2022 Results
Nova LifeStyle, Inc. (NASDAQ: NVFY) reported its Q1 2022 financial results, revealing a 10% increase in net sales to $3.67 million compared to $3.33 million in Q1 2021. However, the company posted a net loss of $0.86 million, up from a loss of $0.76 million year-over-year. CEO Tawny Lam highlighted ongoing efforts to enhance sales opportunities, celebrating the company's 30th anniversary and launching a new product catalog. The firm plans to unveil its largest collection at the upcoming Las Vegas Market in July 2022, aiming to improve its market position amidst competitor inventory shortages.
- 10% increase in net sales to $3.67 million year-over-year.
- Planned launch of the largest collection at Las Vegas Market in July 2022.
- Net loss increased to $0.86 million from $0.76 million in Q1 2021.
LOS ANGELES, May 13, 2022 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced financial results for the first quarter ended March 31, 2022.
Key Financial Highlights:
- Net sales for three months ended March 31, 2022 were
$3.67 million , an increase of10% from$3.33 million in the same period of 2021. - Net loss for the three months ended March 31, 2022 was
$0.86 million , as compared to a net loss of$0.76 million in the same period of 2021.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, "The quarter saw the Company progress on plan and within our budget as we aggressively pursue new sales opportunities and get back to our normal operations. We celebrated our 30th year in the home furnishings industry and launched our 30th Anniversary Collection and a 112-page product catalog during the first quarter. We believe these efforts will begin substantial change and growth as we plan to launch our single largest collection at the 2022 Summer Edition of Las Vegas Market this coming July.”
“Our working capital position and inventory levels position us to fulfill orders quickly for customers while capitalizing on inventory shortages that some of our competitors may be facing,” 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, jade mats 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
andrew@barwicki.com
ir@novalifestyle.com
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