OVS reports improved Q2 results, confirms outlook

Second quarter net sales at OVS amounted to 273.1 million euros, down by 18 percent compared to the same period last year. The company said in a statement that the result is well above expectations considering the postponement of the end of season sales period from July to August and the inevitable decrease in traffic that particularly characterized the re-opening phase. In the first half, net sales amounted to 375.7 million euros, down by 42 percent, recovering from the 68 percent decline reported in the first quarter.

Adjusted EBITDA in the second quarter was equal to 36.1 million euros. The company added that strong recovery in profitability was achieved thanks to a higher gross margin, up 248pps over the quarter and tight cost control was the other decisive factor of this result. First half adjusted EBITDA was equal to 2.1 million euros, due to the better than expected second quarter performance, which more than offset the loss reported in IQ20.

The company further said that following the second quarter results and the positive start of the third quarter, in absence of a new material pandemic spread in the second half, full-year guidance is confirmed in terms of top line at approximately 1 billion euros and adjusted net income at breakeven.

Picture:Facebook/OVS