Daily News
From Home Furnishing Business
Nova LifeStyle Posts 26% Sales Increase
March 26,
2015 by in Financial Reports, Industry 
Nova LifeStyle (NASDAQ: NVFY) has reported net income of about $8.6 million for the year ended Dec. 31 compared to $4.9 million for the prior year.
Net sales for the year were $98.7 million, a 26 percent increase compared to the prior year period net sales of $78.4 million.
The company attributed much of the year’s growth to a 46 percent increase in North American sales and a 14 percent increase in Asian Pacific sales. European sales decreased 20 percent.
North American sales totaled $64.39 million, or 65 percent of total revenue. The company’s Diamond Sofa business increased through partnerships with Nebraska Furniture Mart and El Dorado Furniture and through online sales with Wayfair (NYSE: W). http://finance.yahoo.com/q?s=w&ql=1
Looking forward, the company expects the China and U.S. markets to contribute top-line growth and generate high margins. For the European market, the company anticipates increased sales as the economy improves.
The company’s complete earnings report is available online.