Nova Lifestyle reports FY22 net loss $17.1M vs. $19.96M last year

Reports FY22 revenue from continuing operations for the year ended December 3 were $12.74M, an increase of 2% from $12.56M in 2021. This increase in net sales resulted primarily from a 13% increase in average selling price, partially offset by a 10% decrease in sales volume. Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, "During 2022 we took a number of initiatives to ensure our product lines were marketed effectively throughout the globe, in the face of supply chain challenges and unprecedented spikes in international container freight costs. Our efforts focused on developing scalable, efficient growth and improving the day-to-day operations and we are committed to improve operational efficiencies while focusing on inventory and cash management."