Nova Lifestyle reports 2023 revenue $11.09M vs. $12.74M last year

Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, “We are encouraged with the overall performance as we have improved our margins and increased sales volume throughout the entire year, although pricing pressure has been an issue. We believe some of the initiatives we took in the past, in which we discontinued operations that were not a good fit for us moving forward, should allow us at least to maintain our gross profit margins.” Net loss from continuing operations was $7.72 million for the year ended December 31, 2023, compared to $17.08 million loss for 2022. “The furniture market in North America remains challenging because we are experiencing a slow-down due to high interest rates and a more significant shift in consumer spending,” continued Ms. Lam. “We are closely integrating product development alongside marketing results in appealing products that adhere to the scope of our target demographic of decision makers in the design, staging and retail fields. We have better identified our customers and how to cater to them,” concluded Ms. Lam.