Nova LifeStyle, Inc. Reports Second Quarter FY 2024 Results
Rhea-AI Summary
Nova LifeStyle (NASDAQ: NVFY) reported its Q2 FY2024 financial results, showing a decline in performance. Net sales for Q2 2024 decreased by 40% to $2.69 million from $4.46 million in Q2 2023. The company's gross profit fell to $1.19 million from $1.45 million year-over-year. Net loss slightly increased to ($563 thousand) compared to ($539 thousand) in the same period last year.
For the first half of 2024, net sales dropped 20% to $5.06 million, while gross profit marginally improved to $2.21 million. The net loss widened to ($2.03 million) from ($1.76 million) in H1 2023. Despite challenging economic conditions, CEO Tawny Lam expressed cautious optimism, citing the company's strong industry presence and sufficient inventory levels to ensure customer satisfaction.
Positive
- Gross profit for H1 2024 increased slightly to $2.21 million from $2.11 million in H1 2023
- Company maintains sufficient inventory levels for quick delivery and customer satisfaction
Negative
- Q2 2024 net sales decreased by 40% year-over-year to $2.69 million
- H1 2024 net sales declined by 20% year-over-year to $5.06 million
- Q2 2024 net loss increased to ($563 thousand) from ($539 thousand) in Q2 2023
- H1 2024 net loss widened to ($2.03 million) from ($1.76 million) in H1 2023
News Market Reaction
On the day this news was published, NVFY declined 2.31%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LOS ANGELES, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced its financial results for the second quarter ended June 30, 2024.
Key Financial Highlights:
Operating Results for the Three Months Ended June 30, 2024
- Net sales for three months ended June 30, 2024 were
$2.69 million , a decrease of40% from$4.46 million in the same period of 2023. - Gross profit was
$1.19 million compared to$1.45 million in the same period of 2023. - Net loss was (
$563 thousand ), compared to ($539 thousand ) loss in the same period of 2023.
Operating Results for the Six Months Ended June 30, 2024
- Net sales for the six months ended June 30, 2024 were
$5.06 million , a decrease of20% from$6.34 million in the same period 2023. - Gross profit was
$2.21 million , compared to$2.11 million in the same period of 2023. - Net loss was (
$2.03 million ), compared to ($1.76 million ) loss in the same period of 2023.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, “While we continue to experience high inflation and high interest rates, both of which have an impact on our overall business, we remain cautiously optimistic about the future. With more than 32-years in the home furnishings industry, we have positioned ourselves to maintain a strong presence among our customers at their stores and showrooms. We believe our inventory levels are sufficient to ensure quick delivery and maintain the highest standard of customer satisfaction.”
About Nova LifeStyle
Nova LifeStyle, Inc. is a well-established, innovative designer and distributor of modern lifestyle furniture; primarily sofas, dining room furniture, cabinets, office furniture and related components, bedroom furniture and various accessories, in matching collections. Nova LifeStyle’s product lines include the Nova Brands and Diamond Sofa (www.diamondsofa.com). Nova's products feature urban contemporary styles that integrate comfort and functionality, incorporating upscale luxury designs which appeal to middle and upper middle-income consumers in the USA, China, Southeast Asia, and elsewhere in the world.
Visit Nova LifeStyle's website at www.NovaLifeStyle.com.
Forward-Looking Statements
This press release may contain 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, among others, our ability to fully resume our operations and remain financially healthy, our expected future growth prospects. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory,” “focus,” “work to,” “attempt,” “pursue,” or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.
Investor Relations Contact
Andrew Barwicki
516-662-9461
andrew@barwicki.com
ir@novalifestyle.com
FAQ
What were Nova LifeStyle's (NVFY) Q2 2024 net sales?
How did Nova LifeStyle's (NVFY) net loss change in Q2 2024 compared to Q2 2023?
What was Nova LifeStyle's (NVFY) gross profit for the first half of 2024?
How much did Nova LifeStyle's (NVFY) net sales decrease for the first half of 2024?
