Nova LifeStyle, Inc. Reports Second Quarter FY 2024 Results
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) ha riportato i suoi risultati finanziari del Q2 FY2024, evidenziando un calo delle performance. Le vendite nette per il Q2 2024 sono diminuite del 40%, scendendo a $2,69 milioni rispetto ai $4,46 milioni del Q2 2023. Il profitto lordo dell'azienda è sceso a $1,19 milioni contro i $1,45 milioni dell'anno precedente. La perdita netta è leggermente aumentata a ($563 mila) rispetto a ($539 mila) nello stesso periodo dell'anno scorso.
Per il primo semestre del 2024, le vendite nette sono diminuite del 20%, attestandosi a $5,06 milioni, mentre il profitto lordo è migliorato lievemente a $2,21 milioni. La perdita netta è aumentata a ($2,03 milioni) rispetto a ($1,76 milioni) nel H1 2023. Nonostante le condizioni economiche sfavorevoli, il CEO Tawny Lam ha espresso un ottimismo cauto, citando la forte presenza dell'azienda nel settore e livelli sufficienti di inventario per garantire la soddisfazione del cliente.
Nova LifeStyle (NASDAQ: NVFY) publicó sus resultados financieros del Q2 FY2024, mostrando una disminución en el rendimiento. Las ventas netas para el Q2 2024 cayeron un 40% a $2.69 millones desde $4.46 millones en el Q2 2023. La ganancia bruta de la empresa disminuyó a $1.19 millones desde $1.45 millones en comparación interanual. La pérdida neta aumentó levemente a ($563 mil) en comparación con ($539 mil) en el mismo período del año pasado.
En la primera mitad de 2024, las ventas netas cayeron un 20% a $5.06 millones, mientras que la ganancia bruta mejoró marginalmente a $2.21 millones. La pérdida neta se amplió a ($2.03 millones) desde ($1.76 millones) en el H1 2023. A pesar de las condiciones económicas desafiantes, la CEO Tawny Lam expresó un optimismo cauteloso, citando la fuerte presencia de la empresa en la industria y niveles de inventario suficientes para garantizar la satisfacción del cliente.
노바 라이프스타일(NASDAQ: NVFY)이 Q2 FY2024 재무 결과를 발표하며 성과 하락을 보여주었습니다. 2024년 Q2의 순매출은 2023년 Q2의 446만 달러에서 269만 달러로 40% 감소하였습니다. 회사의 총 이익은 작년의 145만 달러에서 119만 달러로 감소하였습니다. 순손실은 지난해 같은 기간의 539,000달러에 비해 약간 증가하여 563,000달러가 되었습니다.
2024년 상반기에는 순매출이 20% 감소하여 506만 달러에 이르렀고, 총 이익은 221만 달러로 소폭 개선되었습니다. 순손실은 2023년 상반기의 176만 달러에서 203만 달러로 확대되었습니다. 어려운 경제 조건에도 불구하고 CEO 타우니 램은 회사의 강력한 산업 존재감과 고객 만족을 보장하기 위한 충분한 재고 수준을 인용하며 조심스러운 낙관론을 표현했습니다.
Nova LifeStyle (NASDAQ: NVFY) a publié ses résultats financiers du Q2 FY2024, montrant une baisse de performance. Les ventes nettes pour le Q2 2024 ont diminué de 40%, passant de 4,46 millions de dollars à 2,69 millions de dollars par rapport au Q2 2023. Le bénéfice brut de l'entreprise est tombé à 1,19 million de dollars contre 1,45 million de dollars d'une année sur l'autre. La perte nette a légèrement augmenté à ($563 mille) comparativement à ($539 mille) durant la même période de l'année précédente.
Pour le premier semestre 2024, les ventes nettes ont chuté de 20% à 5,06 millions de dollars, tandis que le bénéfice brut s'est légèrement amélioré à 2,21 millions de dollars. La perte nette a augmenté pour atteindre ($2,03 millions) contre ($1,76 millions) au H1 2023. Malgré des conditions économiques difficiles, la PDG Tawny Lam a exprimé un optimisme prudent, citant la forte présence de l'entreprise dans le secteur et des niveaux de stocks suffisants pour garantir la satisfaction des clients.
Nova LifeStyle (NASDAQ: NVFY) hat seine Q2 FY2024 Finanzresultate veröffentlicht und dabei einen Rückgang der Performance gezeigt. Die Nettoumsätze für Q2 2024 sanken um 40% auf 2,69 Millionen Dollar von 4,46 Millionen Dollar im Q2 2023. Der Bruttogewinn des Unternehmens fiel im Jahresvergleich von 1,45 Millionen Dollar auf 1,19 Millionen Dollar. Der Nettoverlust stieg leicht auf ($563 Tausend) im Vergleich zu ($539 Tausend) im gleichen Zeitraum des Vorjahres.
Für die erste Hälfte von 2024 fielen die Nettoumsätze um 20% auf 5,06 Millionen Dollar, während sich der Bruttogewinn leicht auf 2,21 Millionen Dollar verbesserte. Der Nettoverlust weitete sich auf ($2,03 Millionen) von ($1,76 Millionen) im H1 2023 aus. Trotz schwieriger wirtschaftlicher Bedingungen äußerte CEO Tawny Lam einen vorsichtigen Optimismus und verwies auf die starke Branchenpräsenz des Unternehmens und ausreichende Lagerbestände, um die Kundenzufriedenheit zu gewährleisten.
- Gross profit for H1 2024 increased slightly to $2.21 million from $2.11 million in H1 2023
- Company maintains sufficient inventory levels for quick delivery and customer satisfaction
- Q2 2024 net sales decreased by 40% year-over-year to $2.69 million
- H1 2024 net sales declined by 20% year-over-year to $5.06 million
- Q2 2024 net loss increased to ($563 thousand) from ($539 thousand) in Q2 2023
- H1 2024 net loss widened to ($2.03 million) from ($1.76 million) in H1 2023
Nova LifeStyle's Q2 2024 results paint a concerning picture. Net sales dropped by
The six-month figures show a similar trend, with a
Nova LifeStyle's performance reflects broader economic pressures in the home furnishings sector. The significant sales decline suggests consumers are postponing discretionary purchases amid high inflation and interest rates. This trend could persist, potentially forcing the company to offer discounts to move inventory, further pressuring margins.
However, the improved gross profit margin indicates some pricing power or cost management success. The key challenge for Nova LifeStyle will be balancing inventory levels with demand forecasts in this uncertain environment. Their 32-year industry experience may provide an edge, but adaptation to rapidly changing consumer behaviors will be crucial. Investors should watch for signs of market share changes and any shift in consumer preferences towards value-oriented offerings.
LOS ANGELES, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced its financial results for the second quarter ended June 30, 2024.
Key Financial Highlights:
Operating Results for the Three Months Ended June 30, 2024
- Net sales for three months ended June 30, 2024 were
$2.69 million , a decrease of40% from$4.46 million in the same period of 2023. - Gross profit was
$1.19 million compared to$1.45 million in the same period of 2023. - Net loss was (
$563 thousand ), compared to ($539 thousand ) loss in the same period of 2023.
Operating Results for the Six Months Ended June 30, 2024
- Net sales for the six months ended June 30, 2024 were
$5.06 million , a decrease of20% from$6.34 million in the same period 2023. - Gross profit was
$2.21 million , compared to$2.11 million in the same period of 2023. - Net loss was (
$2.03 million ), compared to ($1.76 million ) loss in the same period of 2023.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, “While we continue to experience high inflation and high interest rates, both of which have an impact on our overall business, we remain cautiously optimistic about the future. With more than 32-years in the home furnishings industry, we have positioned ourselves to maintain a strong presence among our customers at their stores and showrooms. We believe our inventory levels are sufficient to ensure quick delivery and maintain the highest standard of customer satisfaction.”
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, 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,” “focus,” “work to,” “attempt,” “pursue,” 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
FAQ
What were Nova LifeStyle's (NVFY) Q2 2024 net sales?
How did Nova LifeStyle's (NVFY) net loss change in Q2 2024 compared to Q2 2023?
What was Nova LifeStyle's (NVFY) gross profit for the first half of 2024?
How much did Nova LifeStyle's (NVFY) net sales decrease for the first half of 2024?
