Nova LifeStyle, Inc. Reports Third Quarter FY 2024 Results
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) ha riportato i risultati finanziari per il terzo trimestre del 2024, con vendite nette di 2,6 milioni di dollari, in aumento del 6% rispetto al terzo trimestre del 2023. L'utile lordo ha raggiunto 1,2 milioni di dollari, leggermente sopra 1,1 milioni di dollari nello stesso periodo dell'anno scorso. Tuttavia, la perdita netta da operazioni è aumentata a 2,5 milioni di dollari rispetto alla perdita di 1,3 milioni di dollari nel terzo trimestre del 2023.
Per i nove mesi chiusi il 30 settembre 2024, le vendite nette sono diminuite del 13% a 7,7 milioni di dollari, mentre l'utile lordo è migliorato a 3,4 milioni di dollari. La società ha implementato miglioramenti operativi nella logistica, ma ha affrontato spese elevate, portando a una perdita operativa di 4,5 milioni di dollari per il periodo di nove mesi.
Nova LifeStyle (NASDAQ: NVFY) informó los resultados financieros del tercer trimestre de 2024, con ventas netas de 2.6 millones de dólares, lo que representa un aumento del 6% en comparación con el tercer trimestre de 2023. La ganancia bruta alcanzó los 1.2 millones de dólares, ligeramente superior a 1.1 millones de dólares en el mismo período del año pasado. Sin embargo, la pérdida neta de operaciones se amplió a 2.5 millones de dólares en comparación con la pérdida de 1.3 millones de dólares en el tercer trimestre de 2023.
Para los nueve meses que terminaron el 30 de septiembre de 2024, las ventas netas disminuyeron un 13% a 7.7 millones de dólares, mientras que la ganancia bruta mejoró a 3.4 millones de dólares. La empresa implementó mejoras operativas en logística, pero enfrentó gastos incrementados, resultando en una pérdida operativa de 4.5 millones de dólares para el período de nueve meses.
노바 라이프스타일 (NASDAQ: NVFY)는 2024년 3분기 재무 결과를 보고했으며, 순매출은 260만 달러로, 2023년 3분기 대비 6% 증가했습니다. 총 이익은 120만 달러에 달해, 지난해 같은 기간의 110만 달러 보다 약간 높았습니다. 그러나 영업 손실은 250만 달러로 확대되어, 2023년 3분기 130만 달러의 손실과 비교되었습니다.
2024년 9월 30일 기준으로 종료된 9개월 동안, 순매출은 13% 감소하여 770만 달러에 이르렀으며, 총 이익은 340만 달러로 개선되었습니다. 회사는 물류에서 운영 개선을 시행했으나, 증가한 비용에 직면하여 9개월 동안 450만 달러의 영업 손실을 기록했습니다.
Nova LifeStyle (NASDAQ: NVFY) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires net de 2,6 millions de dollars, en hausse de 6 % par rapport au troisième trimestre 2023. Le bénéfice brut a atteint 1,2 million de dollars, légèrement supérieur à 1,1 million de dollars pour la même période l'année dernière. Cependant, la perte nette d'exploitation a augmenté à 2,5 millions de dollars par rapport à une perte de 1,3 million de dollars au troisième trimestre 2023.
Pour les neuf mois se terminant le 30 septembre 2024, le chiffre d'affaires net a diminué de 13 % à 7,7 millions de dollars, tandis que le bénéfice brut a été amélioré à 3,4 millions de dollars. L'entreprise a mis en œuvre des améliorations opérationnelles dans la logistique, mais a fait face à des dépenses accrues, entraînant une perte opérationnelle de 4,5 millions de dollars pour la période de neuf mois.
Nova LifeStyle (NASDAQ: NVFY) berichtete über die finanziellen Ergebnisse des dritten Quartals 2024 mit Nettoumsätzen von 2,6 Millionen US-Dollar, was einem Anstieg von 6 % im Vergleich zum dritten Quartal 2023 entspricht. Der Bruttogewinn erreichte 1,2 Millionen US-Dollar, was etwas höher ist als 1,1 Millionen US-Dollar im gleichen Zeitraum des Vorjahres. Der Nettoverlust aus dem operativen Geschäft vergrößerte sich jedoch auf 2,5 Millionen US-Dollar im Vergleich zu einem Verlust von 1,3 Millionen US-Dollar im dritten Quartal 2023.
Für die neun Monate bis zum 30. September 2024 sanken die Nettoumsätze um 13 % auf 7,7 Millionen US-Dollar, während der Bruttogewinn auf 3,4 Millionen US-Dollar anstieg. Das Unternehmen implementierte betriebliche Verbesserungen in der Logistik, sah sich jedoch mit gestiegenen Kosten konfrontiert, was zu einem operativen Verlust von 4,5 Millionen US-Dollar für den neunteiligen Zeitraum führte.
- Q3 2024 net sales increased 6% year-over-year to $2.6 million
- Q3 2024 gross profit improved to $1.2 million from $1.1 million
- Nine-month gross profit improved to $3.4 million from $3.2 million loss
- Q3 2024 net loss from operations nearly doubled to $2.5 million from $1.3 million
- Nine-month net sales decreased 13% to $7.7 million
- Nine-month operational loss increased to $4.5 million from $3.0 million
- Increased expenses from operational improvements impacting bottom line
Insights
Nova LifeStyle's Q3 results reveal concerning financial trends. While quarterly revenue showed a modest
LOS ANGELES, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced its financial results for the third quarter and nine months ended September 30, 2024.
Key Financial Highlights:
Operating Results for the Three Months Ended September 30, 2024:
- Net sales for three months ended Sept 30, 2024 were
$2.6 million , an increase of6% from$2.5 million in the same period of 2023. - Gross profit was
$1.2 million , compared to a gross profit of$1.1 million in the same period of 2023. - Net loss from operations was
$2.5 million , compared to$1.3 million loss in the same period of 2023.
Operating Results for the Nine Months Ended September 30, 2024:
- Net sales for the nine months ended Sept 30, 2024 were
$7.7 million , a decrease of13% from$8.8 million in the same period 2023. - Gross profit was
$3.4 million , compared to a gross loss of$3.2 million in the same period of 2023. - Net loss from operations was
$4.5 million , compared to$3.0 million loss in the same period of 2023.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, “During the third quarter we continued to strengthen the underlying fundamentals of the business. We implemented a number operational steps, including improvements to our logistics network to improve efficiencies while maintaining inventory levels to ensure customer deliveries. While these changes negatively impacted operations and expenses in the third quarter, we believe that these efforts position us well moving forward. We are committed to accelerating our strategy in a disciplined manner that avoids excess spending and will position the business for growth over the long term.”
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
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