Nova LifeStyle, Inc. Stories First Quarter Fiscal 2022 Outcomes

LOS ANGELES, Might 13, 2022 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Firm”) immediately 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 internet 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 funds as we aggressively pursued new gross sales alternatives and returned to our regular operations. We’re celebrating our thirtieth yr within the house 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 subject of summer season 2022 Las Vegas Market subsequent July.”

“Our working capital place and stock ranges place us to shortly fill buyer orders whereas capitalizing on stock shortages that a few of our opponents could also be dealing with,” Ms. Lam concluded.

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