Third quarter net sales at OVS S.p.A. amounted to 361 million euros, up by 6.1 percent compared to the same period of last year, showing a positive performance also in terms of like-for-like. As of mid October, before store closures imposed by the second wave of the pandemic, the company said, sales performance was approximately positive 10 percent. Third quarter adjusted EBITDA was equal to 38.1 million euros, aligned with the good result achieved last year, which was 68 percent higher than the one of third quarter of 2018.
“The performance in the third quarter of the year, when stores in many areas of the country were once again closed from late October, demonstrated OVS’s resilience and its role in the Italian clothing market. Sales grew by 6.1 percent during the quarter and by approximately 10 percent before the mandatory closure of part of the network, resulting in EBITDA in line with the previous year and cash generation of almost 54 million euros, while in the third quarter of 2019 the cash flow was equal to 19 million euros,” said OVS Chief Executive Officer, Stefano Beraldo in a statement.
For the nine month period, the company’s net sales amounted to 736.7 million euros, down by 25.7 percent compared to the same period of last year and recovering against the 68 percent drop reported in the first quarter and 42 percent decline in the first half of 2020. When the effective days of opening are considered, nine months sales trend was higher by 1.5 percent. The company added that adjusted EBITDA was equal to 40.1 million euros that also allowed to almost reach the break-even at adjusted EBIT level negative 3.1 million euros against negative 47.7 million euros in the first quarter.