LOS ANGELES, Might 13, 2022 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Firm”) right now introduced monetary outcomes for the primary quarter ended March 31, 2022.
Key Monetary Highlights:
- Internet gross sales for 3 months ended March 31, 2022 had been $3.67 million, a rise of 10% from $3.33 million in the identical interval of 2021.
- Internet loss for the three months ended March 31, 2022 was $0.86 million, as in comparison with a internet lack of $0.76 million in the identical interval of 2021.
Tawny Lam, Chairperson and Chief Govt Officer of Nova LifeStyle, acknowledged, “The quarter noticed the Firm progress on plan and inside our price range as we aggressively pursue new gross sales alternatives and get again to our regular operations. We celebrated our thirtieth 12 months within the house furnishings business and launched our thirtieth Anniversary Assortment and a 112-page product catalog throughout the first quarter. We consider these efforts will start substantial change and development as we plan to launch our single largest assortment on the 2022 Summer time Version of Las Vegas Market this coming July.”
“Our working capital place and stock ranges place us to meet orders rapidly for patrons whereas capitalizing on stock shortages that a few of our opponents could also be dealing with,” concluded Ms. Lam.
About Nova LifeStyle
Nova LifeStyle, Inc. is a well-established, revolutionary designer and distributor of recent life-style furnishings; primarily sofas, eating room furnishings, cupboards, workplace furnishings and associated parts, bed room furnishings, jade mats and numerous equipment, in matching collections. Nova LifeStyle’s product strains embrace the Nova Manufacturers and Diamond Couch (www.diamondsofa.com). Nova’s merchandise function city modern types that combine consolation and performance, incorporating upscale luxurious designs which enchantment to center and higher middle-income customers within the USA, China, Southeast Asia, South America, and elsewhere on this planet. Go to Nova LifeStyle’s web site at www.NovaLifeStyle.com.
This press launch could comprise forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended, together with, amongst others, our capacity to totally resume our operations and stay financially wholesome, our anticipated future development prospects. All statements apart from statements of historic reality are, or could also be deemed to be, forward-looking statements. In some instances, forward-looking statements could be recognized by way of forward-looking phrases comparable to “anticipate,” “estimate,” “consider,” “proceed,” “may,” “intend,” “could,” “plan,” “potential,” “predict,” “ought to,” “will,” “anticipate,” “goal,” “projection,” “forecast,” “objective,” “steering,” “outlook,” “effort,” “goal,” “trajectory” or the detrimental of those phrases or different comparable phrases. Nonetheless, the absence of those phrases doesn’t imply that the statements should not forward-looking. These forward-looking statements are primarily based on sure assumptions and analyses made by us in mild of our expertise and our notion of historic traits, present circumstances and anticipated future developments, in addition to different elements we consider are applicable within the circumstances.