Nova LifeStyle Announces Fiscal 2021 Results

LOS ANGELES, April 08, 2022 (Globe NEWSWIRE) — Nova Life-style, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced economic effects for the fiscal year ended December 31, 2021.

Tawny Lam, Chairperson and Main Executive Officer of Nova Life-style, stated, “Throughout 2021, we applied an intense corporate technique made to increase our presence in the current market while remaining centered on advertising greater margin goods. The enhance in 2021 revenues is principally attributed to a 29% increase in the ordinary promoting price, even although we had a 13% decrease in gross sales volume. We think this strategy, which we applied a number of decades in the past, will give us with extensive expression expansion as well as an raising market place share in North The usa. In 2021, North The usa profits enhanced 13%, whilst income lowered in Asia, principally thanks to federal government lockdown purchase in Malaysia for the reason that of the COVID-19 pandemic.”

Crucial Economical Highlights:

  • Revenues for the year ended December 31, 2021 increased 13% to $12.8 million, as as opposed to $11.3 million in the fiscal year 2020.
  • Web reduction in Fiscal 2021 was $20 million, as as opposed to $26 million loss in 2020.

“We are inspired with the method in which 2021 ended. We have emerged from the pandemic with a strong business enterprise prepare, working with a concentrate on effectiveness and positioning ourselves to contend in a promptly transforming market. General, we imagine Nova Way of living is in placement to assistance our growth approach as we develop and provide increased margin goods which we consider will help extended-phrase and sustainable progress,” concluded Ms. Lam.

About Nova Way of life

Nova Lifestyle, Inc. is a well-set up, impressive designer and distributor of contemporary way of life furnishings mainly sofas, dining place furnishings, cupboards, place of work home furnishings and related components, bedroom furnishings, jade mats and a variety of accessories, in matching collections. Nova LifeStyle’s products traces include the Nova Brand names and Diamond Sofa (www.diamondsofa.com). Nova’s goods function city up to date designs that combine convenience and features, incorporating upscale luxury designs which enchantment to middle and upper center-income shoppers in the USA, China, Southeast Asia, South The us, and somewhere else in the globe.

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

Ahead-Seeking Statements

This doc incorporates ahead-hunting statements within just the that means of Part 27A of the Securities Act of 1933, as amended, and Segment 21E of the Securities Exchange Act of 1934, as amended, which includes, amongst other folks, our predicted upcoming advancement potential customers, our ability to capitalize on future current market prospects, and our exploration of acquisition opportunities. All statements other than statements of historic fact are, or may be deemed to be, forward-looking statements. In some situations, ahead-searching statements can be discovered by the use of forward-searching 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 detrimental of these phrases or other equivalent terms. On the other hand, the absence of these words and phrases does not mean that the statements are not ahead-hunting. These ahead-wanting statements are dependent on sure assumptions and analyses made by us in mild of our expertise and our perception of historical tendencies, latest circumstances and predicted long run developments, as well as other variables we feel are appropriate in the situations. All ahead-seeking statements attributable to us are expressly experienced in their entirety by this cautionary see, which includes, without having limitation, individuals risks and uncertainties explained in our yearly report on Kind 10-K for the calendar year ended December 31, 2021 and our other reviews and filings with SEC.

Investor Relations Call

Andrew Barwicki
516-662-9461
[email protected]
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