Nova LifeStyle, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 14, 2023 at 05:11 pm EST
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Nova LifeStyle, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 2.48 million compared to USD 3.02 million a year ago. Net loss was USD 1.29 million compared to USD 1.71 million a year ago. Basic loss per share from continuing operations was USD 0.83 compared to USD 1.24 a year ago. Basic loss per share was USD 0.83 compared to USD 1.24 a year ago.
For the nine months, sales was USD 8.81 million compared to USD 10.5 million a year ago. Net loss was USD 3.05 million compared to USD 8.3 million a year ago. Basic loss per share from continuing operations was USD 2.05 compared to USD 6.01 a year ago. Basic loss per share was USD 2.05 compared to USD 6.03 a year ago.
Nova LifeStyle, Inc. is a 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. The Companyâs product lines include the Nova Brands and Diamond Sofa (www.diamondsofa.com). Its products feature urban and contemporary styles, combining comfort and functionality in matching furniture collections and upscale luxury pieces appealing to lifestyle-conscious middle and upper middle-income consumers. Its product lines feature upholstered, wood and metal-based furniture pieces. It classifies its products by room, designation or series, such as living room, dining room, bedroom and home office series, and by category or product types, such as sofas, chairs, dining tables, beds, entertainment consoles, cabinets and cupboards. It also sells physiotherapeutic jade mats for use in therapy clinics, hospitality, and real estate projects.