From Home Furnishing Business
Nova LifeStyle Posts 1Q Profit, Increased Sales
Net sales for the quarter were $17.9 million, a 19.2 percent increase compared to the first quarter last year. The company attributed much of the growth to a 43 percent sales increase in North American business.
"I am pleased with our net sales growth of over 19 percent in the first quarter, which reflects increasing demand for our urban, contemporary furniture," said Tawny Lam, president. "We continued to invest in the long-term growth of our business as we took the appropriate steps to expand our distribution with key retailers, which we believe will lead to improved profitability in the future. Subsequent to the close of the quarter, we commenced development of our e-Commerce platform designed to capitalize on a growing middle class and the rapidly increasing online demand for furniture and home furnishings in China."