LOS ANGELES, Could 13, 2022 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Firm”) as we speak introduced monetary outcomes for the primary quarter ended March 31, 2022. .
Key Monetary Highlights:
- Web gross sales for the three months ended March 31, 2022 have been $3.67 million, a rise of 10% from $3.33 million for a similar interval in 2021.
- Web loss for the three months ended March 31, 2022 was $0.86 million, in comparison with a web lack of $0.76 million in the identical interval in 2021.
Tawny Lam, President and CEO of Nova LifeStyle, acknowledged, “For the quarter, the Firm progressed on schedule and inside our price range as we aggressively pursued new gross sales alternatives and returned to our regular operations. We’re celebrating our thirtieth yr within the residence furnishings trade and launched our thirtieth anniversary assortment and 112-page product catalog throughout Q1. We consider these efforts will provoke substantial change and development as we plan to launch our largest assortment within the problem of summer time 2022 Las Vegas Market subsequent July.”
“Our working capital place and stock ranges place us to rapidly fill buyer orders whereas capitalizing on stock shortages that a few of our rivals could also be dealing with,” Ms. Lam concluded.