COMMERCE, CA - Nova LifeStyle Inc., a global manufacturer and seller of urban contemporary furniture, reported that its sales increased 74% in the second quarter to $16.15 million; net income increased 146% to $1.42 million.
The company which went public last year after acquiring Diamond Sofa, said it is in an aggressive growth mode, including adding manufacturing capacity to fulfill its newly-inked contract with IKEA. Nova LifeStyle is also pushing sales of U.S. products in China and Europe.
Jeffrey Wong, CEO, chairman and co-founder of Nova LifeStyle, said, "Thus far, our growth has been led by our outstanding performance in the North American market, which produced a year over year sales gain in the second quarter of 129%, to $5.74 million, bolstered by increasing Internet sales and growing penetration of our target 'Top 100' furniture retailers and distributors."
Company President, and Co-Founder of Diamond Sofa, Tawny Lam, said, "We also have been focused on expanding direct sales of our branded furniture lines in China where year over year sales in the quarter grew 69%, to $4.85 million and we expanded our independently owned furniture franchise stores to more than 100 locations throughout the country. Starting in 2013, this will be complemented by an anticipated major boost in our OEM sales from our recently announced manufacturing agreement with IKEA."
Lam added that Nova LifeStyle recently began shipping organic latex mattresses made in the USA to China and plans to grow that business through its Chinese franchise network.
Nova LifeStyle Inc., a U.S. company headquartered in California, is a fast growing, innovative designer and manufacturer of modern LifeStyle furniture, primarily sofas, dining rooms, cabinets and bedrooms in matching collections. Nova's products are made in the U.S., Asia and its factory completed in 2011 in Dongguan, China and marketed worldwide.
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