OVS predicts positive trading ahead as nine-month sales improve by 11.1 percent

In the first nine months of the fiscal year, OVS made net sales of 1.09 billion dollars, up 11.1 percent compared to the previous year, and up 9.7 percent compared to pre-pandemic levels from 2019.

The Italian clothing company hailed a strong recovery in sales during the period with the normalisation of weather conditions from the beginning of November.

Adjusted EBITDA for the period was 124.1 million euros, up 19.6 million euros compared to last year and up 23 million euros compared to the same period in 2019.

EBITDA margin reached 11.4 percent against 10.7 percent in the nine months of 2021 and 10.2 percent in the same period of 2019.

Pretax-profit came in at 68.8 million euros, up from 43.2 million euros. However, net profit dropped to 222.9 million euros from 254.8 million euros.

Q3 results

OVS made sales of 381 million euros in the third quarter, which were in line with sales from a year earlier.

Gross margin was also in line with the previous year, while adjusted EBITDA was 41.8 million euros and EBITDA margin was 11 percent, lower than the same quarter last year.

CEO Stefano Beraldo said in a statement: “We approach the end of the year with evidence that our brands are benefiting from a general trading down in the market.

“We are attracting new consumers who were used to higher price ranges, thanks to product innovations (firstly with Piombo), the renewal of our stores and investments in communication.”

He said the first 45 days of the fourth quarter confirm the positive trends, with sales growing about 10 percent versus last year. The company added that the positive results indicate improvement in the full year economic result.