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LOS ANGELES, May 17, 2021 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced financial results for the first quarter ended March 31, 2021.
Key Financial Highlights:
Net sales for three months ended March 31, 2021 were $3.3 million, an increase of 51% from $2.2 million in the same period of 2020.
Net loss from continuing operations for the three months ended March 31, 2021 was $763,537, as compared to a loss from continuing operations of $1.01 million in the same period of 2020.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated "Our strategy as we entered into 2021 was to get back to business operations at pre-pandemic levels as quickly as possible. While we are not there just yet and we believe the pandemic continues to impact our operations, our sales growth reflects the strength and commitment of our organization and the partnerships we have. I believe our strategy to manufacturer and sell higher margins products has come to fruition with our gross profit margins increasing in the first quarter of 2021 to 41% from 35% in the same period of 2020 and our net loss decreased to $763,537 in the first quarter of 2021 from $1.01 million in the same period of 2020.”
“We will continue to focus on our sales channels, including our commitment to meeting customers’ needs by delivering high quality and differentiated products,” continued Ms. Lam. “We also believe the investments we made over the last year, including having a good amount of inventory allows us to better serve our customers with product availability and quick service.”
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, jade mats 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, South America, and elsewhere in the world.
Visit Nova LifeStyle's website at www.NovaLifeStyle.com.
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” 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.