LOS ANGELES, May 15, 2025 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced financial results for the first quarter ended March 31, 2025. Mr. Xiaohua Lu, newly appointed Chief Executive Officer of Nova LifeStyle, stated, “This is a very exciting time for Nova LifeStyle as we strategize moving forward among the uncertainty related to tariffs and the impact on the furniture industry. The first quarter showed our products are well received considering a ...

Core Viewpoint - Nova LifeStyle, Inc. has undergone significant changes in operations and product offerings to adapt to market challenges and improve long-term strategy [2] Financial Performance - Net sales for the year ended December 31, 2024, were $9.69 million, a decrease of 13% from $11.09 million in 2023, primarily due to a 39% decrease in sales volume, partially offset by a 43% increase in average selling price [7] - Gross profit for the year was $4.25 million, an increase of $0.08 million compared to $4.17 million in 2023, with a gross profit margin of 44% in 2024, up from 38% in 2023 [7] - The net loss for the year was $5.56 million, an improvement from a net loss of $7.72 million in 2023 [7] Company Overview - Nova LifeStyle, Inc. is a designer and distributor of modern lifestyle furniture, including sofas, dining room furniture, cabinets, and office furniture, targeting middle and upper middle-income consumers in various regions [4]