Nova LifeStyle, Inc. (NVFY) saw a decrease of 9.45% in the aftermarket. However, the last trading session closed at $2.043 with a decrease of 1.4%.
Third Quarter 2021 Results by NVFY – What’s the update?
NVFY announced the third-quarter results on 15th November 2021. Net sales for the three months ending September 30, 2021, were $2.9 million, 12% down from $3.3 million for the same time in 2020. Moreover, the gross profit was $1.4 million, compared to a $6.6 million loss in the same quarter of 2020. Lastly, the net loss from continuing operations was $1.4 million, compared to an $8.2 million loss.
Now what?
The company successfully secured funds in the third quarter to enhance the position and enable them to carry out a number of activities that we feel would benefit the sales and marketing efforts. Moreover, they also feel that their inventory levels enable them to service incoming orders and expedite client purchase requests quickly and efficiently. Lastly, the reactions they received during the Las Vegas Market Tradeshow in September were likewise quite encouraging.
Second Quarter 2021 Results by NVFY – How’s the quarter?
NVFY reported second-quarter 2021 results on 16th August 2021. For the three months ending June 30, 2021, net sales were $3.6 million, 55 percent more than $2.3 million at the same time in 2020. Moreover, the gross profit for the period ending June 30, 2021, came out to be $1.5 million. Lastly, the net loss was $6.3 million, compared to $0.5 million in the previous year.
What’s next?
The Company had a solid first half of the year, and this quarter was no exception. The company has been able to grow sales as the Covid pandemic continues to disrupt supply chains. Some of the clients have restarted operations after suspending or drastically reducing operations in reaction to the epidemic. Moreover, NVFY has also been assisting with product delivery. The company is still working with the suppliers and manufacturers to make sure they can meet their customers’ demands when they recover to pre-pandemic levels.
The company is sticking to its business plan, which includes focusing on higher-margin items. This year’s revenues have grown, and NVFY expects a healthy pipeline for the rest of the year. The team feels that the inventory investments and enhancements to the web presence that the company has made since the outbreak have positioned them to assist current customers. Last but not least, NVFY is looking forward to continuing to expand its sales.
