Nova LifeStyle’s sales were $22.3 million in the third quarter of this year, $3.1 million more than a year earlier.
$2.4 million of the sales were by Bright Swallow International Group Ltd, a sofa exporter that Nova LifeStyle bought in April.
Nova LifeStyle paid Zhu Wei $6.5 million for Bright Swallow, which sells Chinese-made sofas in Canada through The Brick Ltd, a furniture retailer with over 200 outlets.
Nova LifeStyle told the OTC Markets in the United States that its third-quarter sales in North America had risen by 84 percent to $12.6 million as it “aggressively expanded” sales in the US and Canada. Gross profit increased by 15 percent to $4.4 million.
Read Entire Story Source: Macau Business Daily