October 2, 2023


A Passion for Better Health

Nova Lifestyle, Inc. Studies 1st Quarter FY 2023 Final results

Nova Life style, Inc.

LOS ANGELES, May perhaps 15, 2023 (World NEWSWIRE) — Nova Lifestyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) nowadays introduced economic results for the initial quarter ended March 31, 2023.

Tawny Lam, Chairperson and Main Executive Officer of Nova Way of life, stated, “We are dissatisfied with the drop in income that we professional during the quarter, which we attribute to macro financial situations and the monetary coverage in the United States.”

Crucial Money Highlights:

  • Net income from continuing functions for a few months ended March 31, 2023 were $1.87 million, compared to $3.67 million in the same time period of 2022. The reduce in net sales is predominantly attributed to the effects of inflation, U.S. tightening monetary policy, which has reduced customer acquiring power.

  • Web loss from continuing functions for the a few months ended March 31, 2023 was $1.22 million, compared to $.87 million in the exact same time period of 2022.

“Notwithstanding the considerable worries introduced by recent economic conditions, we anticipate an advancement in second quarter functioning final results as a consequence of the business that we be expecting to be produced from our new marketing and advertising partnerships, and we imagine that our inventory stages put us in a situation to assistance our present purchaser foundation and that new small business. ” concluded Ms. Lam.

About Nova Lifestyle

Nova Way of life, Inc. is a well-founded, ground breaking designer and distributor of modern day life-style home furniture mostly sofas, eating area furniture, cupboards, place of work home furnishings and similar components, bedroom home furnishings and various components, in matching collections. Nova LifeStyle’s item traces involve the Nova Manufacturers and Diamond Couch (www.diamondsofa.com). Nova’s products characteristic city present-day variations that combine consolation and functionality, incorporating upscale luxurious layouts which attraction to center and upper middle-earnings shoppers in the USA, China, Southeast Asia, South The us, and in other places in the environment.

Visit Nova LifeStyle’s website at www.NovaLifeStyle.com.

Forward-Looking Statements

This press launch may perhaps contain forward-wanting statements in just the which means of Portion 27A of the Securities Act of 1933, as amended, and Portion 21E of the Securities Trade Act of 1934, as amended, which include, amid others, our potential to absolutely resume our operations and continue being financially balanced, our anticipated upcoming development prospects. All statements other than statements of historical reality are, or may be considered to be, ahead-hunting statements. In some circumstances, forward-wanting statements can be identified by the use of ahead-on the lookout phrases this sort of 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 detrimental of these conditions or other similar conditions. Having said that, the absence of these words and phrases does not necessarily mean that the statements are not forward-wanting. These forward-looking statements are based mostly on specified assumptions and analyses designed by us in mild of our knowledge and our perception of historic tendencies, recent ailments and predicted foreseeable future developments, as very well as other factors we believe are acceptable in the situations.

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Andrew Barwicki
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