LOS ANGELES, Sept. 21, 2017 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ:NVFY) or (the “Company,” "Nova"), a U.S.-based innovative designer and distributor of modern LifeStyle products is pleased to announce that based upon market surveys, follow-up interviews, and performance index comparisons, US News Express has selected Diamond Sofa, a Nova LifeStyle company as one of the top 5 Asian American Brands.
Established in California in 1992, Diamond Sofa is one of the best recognized furniture brands in the United States, embracing innovative designs and urban contemporary styles.
Nova LifeStyle Anticipates Robust Profit in Third Quarter 2017
Nova LifeStyle’s third quarter profit has increased substantially compared to the prior year period. Based on a preliminary review of third quarter results, Nova anticipates robust third quarter financial performance driven by an increase in consumer demand and new product launches.
The Company also successfully completed a milestone business transformation in late 2016 when Nova divested its factories and franchise stores, thus transforming Nova's business model from a manufacturing-oriented, asset-heavy enterprise into an asset-light operation focused on modern product design, efficient distribution and marketing.
The Company's product stock keeping units (“SKUs”) have grown over 200% since 2016. The Company’s products have been experiencing strong ordering activity at leading online retailers Amazon.com, Wayfair Inc. and Hayneedle.com. Diamond Sofa has also maintained a long-term relationship with four furniture subsidiaries owned by Warren Buffet’s Berkshire Hathaway Inc.
About Nova LifeStyle
Nova LifeStyle, Inc., a NASDAQ Global Market listed company headquartered in California, is a fast growing, innovative designer, manufacturer and distributor of modern LifeStyle furniture; primarily sofas, dining rooms, cabinets, office furniture and related components, bedrooms, and various accessories in matching collections. Visit Nova's website: www.NovaLifeStyle.com.
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Nova's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Nova's filings with the Securities and Exchange Commission.
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Source:Nova LifeStyle, Inc.