OVS posts 12.2 percent Q1 sales growth

For the first quarter, net sales at OVS SpA of 336.5 million euros, were up 12.2 percent due to the positive like-for-like performance and an increase in store traffic.

The company’s adjusted EBITDA for the quarter rose to 27.5 million euros, up 36.3 percent or 8.2 percent, while adjusted EBIT of 11.7 million euros, was up 107.1 percent.

Adjusted profit before tax reached 7.7 million euros compared to 0.7 million euros in the first quarter of 2022.

Commenting on the company’s first quarter trading, OVS chief executive officer, Stefano Beraldo, said: “The excellent results in the first quarter are due to the very positive response to the spring summer collection, which has enabled us to continue in the current phase of attracting new customers.The strong performance to date and ongoing projects mean we can confirm our forecasts of growth in 2023 compared to last year.”

EBITDA for the last 12 months of 187.5 million euros, reached 12.1 percent of sales.

The company said in a release that year-to-date sales increased despite a month of May characterised by particularly adverse weather conditions.