Daily News
From Home Furnishing Business
Nova LifeStyle Reports 26.9% Q3 Sales Increase
November 15,
2016 by Larry Thomas in Financial Reports, Industry 
Nova LifeStyle, (NVFY) parent company of Diamond Sofa and several other lifestyle home furnishings brands, said third-quarter sales jumped 26.9% to $30.5 million as the company continued to focus on higher-margin premium products.
The Los Angeles-based company, which recently sold its Chinese manufacturing operations, reported net income from continuing operations of $1.04 million or 4 cents per share. However, the company recorded a loss from discontinued operations of $743,594, which shrank net income to $301,337, or 1 cent per share.
In last year’s third quarter, net income was $30,405, which was break-even on a per-share basis. That figure included a loss of $372,854 from discontinued operations.
“Our top line sales grew nearly 27% versus the same period last year as efforts we have made in recent quarters to focus our sales mix on higher-margin products began to pay off in the form of higher average selling prices and improved gross margins,” said Tawny Lam, president and interim CEO. Sales improved in every geography we serve, with European sales more than doubling in this quarter as compared to the same period last year as the regional economy there continues to improve.”
The company gets the majority of its sales in North America, where third-quarter sales were up 4% to $22.5 million. Sales in Europe jumped 114.2% to $2.9 million.
For the nine months ended Sept. 30, sales rose 9% to $72.7 million. The nine-month net loss totaled $287,306, or 1 cent per share. That figure included a loss from discontinued operations of $1.48 million.