From GlobeNewswire: 2024-04-15 09:00:00

Nova LifeStyle, Inc. (NASDAQ: NVFY) reported financial results for the fiscal year ending December 31, 2023. Despite pricing pressure, the company saw an improvement in margins and increased sales volume, resulting in a net loss of $7.72 million. Net sales dropped by 13% to $11.09 million due to a decrease in average selling price.

Chairperson Tawny Lam noted challenges in the furniture market, attributing a slowdown to high interest rates and shifting consumer spending habits. Nova LifeStyle aims to appeal to decision makers in design and retail with innovative product development. The company continues to focus on integrating marketing efforts to cater to target demographics.

Nova LifeStyle is a designer and distributor of modern lifestyle furniture, including sofas, dining furniture, and accessories with collections like Nova Brands and Diamond Sofa. The company targets middle and upper-income consumers in the USA, China, Southeast Asia, and beyond with urban contemporary designs that prioritize comfort and luxury.

The forward-looking statements include Nova LifeStyle’s growth prospects and market opportunities, emphasizing the company’s exploration of potential acquisitions. While based on historical trends and current conditions, these statements are subject to risks and uncertainties outlined in regulatory filings. The company urges caution when interpreting forward-looking information to account for potential uncertainties.



Read more at GlobeNewswire:: Nova LifeStyle Announces Fiscal 2023 Results