Daily News
From Home Furnishing Business
Nova Lifestyle Reverses Q2 Loss as Sales Slip 1%
August 9,
2017 by Larry Thomas in Economic News, Industry 
Nova Lifestyle (NASDAQ: NVFY), parent company of Diamond Sofa and several other furniture and accessories brands, said sales slipped 1% in the second quarter, but the company reversed a net loss by recording a profit of $560,000 or 2 cents per share.
The company, whose furniture line includes upholstery, bedroom and occasional pieces, reported sales of $19.5 million in the quarter ended June 30, down from $19.7 million in the same quarter last year.
About 65% of its sales were in North America, and another 22% came from Australia, the company said.
The Australian figure was some 223% higher than last year’s second quarter, but that gain was largely offset by a steep drop in European sales, which fell to $1.19 million from $3.91 million in the same period last year.
North America remained Nova Lifestyle’s largest market, with sales falling 0.5% to $12.7 million in the most recent quarter.
The quarterly profit compared with a net loss of $690,000 or 3 cents per share in last year’s second quarter.
For the six months ended June 30, worldwide sales totaled $37.6 million, down 10.9% from the first half of last year.
The six-month net loss totaled $650,000 or 2 cents per share. That compared with a loss of $590,000 or 2 cents per share, in the first half of last year.