Nova LifeStyle, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting a revenue of US$2.62 million. This represents a 5.6% increase compared to the third quarter of 2023, indicating a modest growth in sales. The company also reported a net loss of US$0.72 per share, which is an improvement from the US$0.83 loss per share recorded in the prior year's third quarter.
For the nine months ended September 30, 2024, the company continued to focus on strengthening its underlying business fundamentals. Chairperson and CEO Tawny Lam stated that operational steps were implemented, including improvements to the logistics network. These efforts aimed to enhance efficiencies while maintaining adequate inventory levels for customer deliveries.
Management acknowledged that these operational changes negatively impacted operations and expenses during the third quarter. However, the company believes these efforts position it well for future growth. Nova LifeStyle remains committed to accelerating its strategy in a disciplined manner, avoiding excess spending to ensure long-term business growth.
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