LOS ANGELES — Nova Way of life Inc., designer and distributor of modern lifestyle household furniture with models together with Nova Brands and Diamond Couch, described a 12% decrease in net income for the 3rd quarter ended Sept. 30.
Web profits for the period of time were being $2.9 million, down from $3.3 million in the very same time period final yr.
Gross earnings for the quarter was $1.4 million, up from a gross loss of $6.6 million in the year-back quarter. And the firm posted a internet loss from continuing operations of $1.4 million, as opposed with a internet decline of $8.2 million past yr.
“The 3rd quarter effects had a moderate lower in product sales, but with our shift to greater margin solutions we created powerful gross income margins, which illustrates the achievements of our technique of shifting to larger margin items,” explained Tawny Lam, chairperson and CEO.
“During the third quarter we correctly lifted money to strengthen our posture and permit us to execute on a quantity of initiatives that we think will lead to our income and marketing efforts,” Lam continued. “We also feel our inventory ranges let us to assist incoming orders and expedite shopper purchase orders in a speedy and economical way.”