LOS ANGELES — Nova LifeStyle, parent company to furniture brand Diamond Sofa, saw declines in its second quarter numbers, for the period ended June 30.
For the quarter, net sales were $2.69 million, a decrease of 40% from $4.46 million in the same period of 2023.
Gross profit for the company was $1.19 million compared with $1.45 million in the year-ago period, and the company reported a net loss of $563,000, compared with a net loss of $539,000 last year.
Tawny Lam, chairperson and CEO of Nova LifeStyle, said, “While we continue to experience high inflation and high interest rates, both of which have an impact on our overall business, we remain cautiously optimistic about the future. With more than 32 years in the home furnishings industry, we have positioned ourselves to maintain a strong presence among our customers at their stores and showrooms.
“We believe our inventory levels are sufficient to ensure quick delivery and maintain the highest standard of customer satisfaction.”
Nova LifeStyle is a designer and distributor of modern lifestyle furniture — primarily sofas, dining room furniture, cabinets, office furniture and related components, bedroom furniture and various accessories — in matching collections. Its product lines include the Nova Brands and Diamond Sofa.