LOS ANGELES, April 15, 2024 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced its financial results for the fiscal year ended December 31, 2023. The results have been announced.
Tawny Lam, Chairman and CEO of Nova LifeStyle, said: We believe that some of the actions we have taken in the past, including discontinuing future operations that are inappropriate for us, should enable us to at least maintain our gross margins. ”
Financial results for the year ended December 31, 2023:
-
Net sales from continuing operations for the year ended December 31, 2023 were $11.09 million, a decrease of 13% from $12.74 million in 2022. This decrease in net sales was primarily due to a 33% decline in average selling prices, partially offset by a 31% increase in sales. % increase in sales volume.
-
Net loss from continuing operations was $7.72 million for the year ended December 31, 2023 and net loss for 2022 was $17.08 million.
“The North American furniture market remains challenging as we experience a slowdown due to high interest rates and broader changes in consumer spending,” Lam continued. “We closely integrate product development and marketing results to create compelling products that align with our target audience range of decision makers in the design, staging and retail sectors. We can now better identify how to respond to this,” Lam concluded.
About Nova Lifestyle
Nova LifeStyle, Inc. is an established and innovative designer and distributor of modern lifestyle furniture. The collection mainly includes sofas, dining room furniture, cabinets, office furniture and related components, bedroom furniture and various accessories. Nova LifeStyle's product line includes the Nova brand and Diamond Sofa (www.diamondsofa.com). Nova's products feature an urban, contemporary style that integrates comfort and functionality, and are upscale and luxurious products that appeal to middle-class and upper-middle-income consumers in the United States, China, Southeast Asia, and other parts of the world. Incorporating design.
Visit the Nova LifeStyle website at www.NovaLifeStyle.com.
Forward-looking statements
This document contains 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 statements regarding the Company's expected future performance. including growth prospects, our capabilities, and more. Take advantage of future market opportunities and explore 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 may include statements such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “might,” “plan.” ”, “possibility”, “prediction”, “should”, “plan”, “expectation”, “objective”, “forecast”, “forecast”, “goal”, “guideline”, “outlook”, “promise” ” “effort,” “goal,” “trajectory,” or the negative of these terms, or other equivalent terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements reflect certain assumptions made by us in light of historical trends, current conditions, our experience and perception of expected future developments, and other factors that we believe are appropriate in the circumstances. based on assumptions and analysis. All forward-looking statements attributable to the Company are subject to the risks and uncertainties described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and other reports. Without limitation, they are expressly qualified in their entirety by this cautionary notice. and SEC filings.
Investor information contact information
andrew berwicki
516-662-9461
andrew@barwicki.com
ir@novalifestyle.com
