Nova LifeStyle, Inc. Reports Second Quarter FY 2024 Results

Core Viewpoint - Nova LifeStyle, Inc. reported a significant decline in net sales and an increase in net loss for the second quarter and first half of 2024, reflecting challenges in the current economic environment, including high inflation and interest rates [1][2][3]. Financial Results Three Months Ended June 30, 2024 - Net sales were $2.69 million, a decrease of 40% from $4.46 million in the same period of 2023 [1]. - Gross profit was $1.19 million, down from $1.45 million in the same period of 2023 [1]. - Net loss was ($563 thousand), compared to a loss of ($539 thousand) in the same period of 2023 [1]. Six Months Ended June 30, 2024 - Net sales totaled $5.06 million, a decrease of 20% from $6.34 million in the same period of 2023 [2]. - Gross profit was $2.21 million, slightly up from $2.11 million in the same period of 2023 [2]. - Net loss was ($2.03 million), compared to a loss of ($1.76 million) in the same period of 2023 [2]. Management Commentary - The CEO expressed cautious optimism about the future despite ongoing economic challenges, emphasizing the company's strong presence in the home furnishings industry and sufficient inventory levels to ensure customer satisfaction [3]. Company Overview - Nova LifeStyle, Inc. is a designer and distributor of modern lifestyle furniture, including sofas, dining room furniture, and office furniture, targeting middle and upper middle-income consumers in various regions including the USA and China [4].