OVS reports positive Q2, updates FY21 outlook

Second quarter net sales at OVS SpA reached 369.7 million euros, up 35.4 percent against the second quarter of 2020 and up 11 percent compared to the second quarter of 2019.

First half net sales amounted to 599.2 million euros, 59.5 percent higher than the first half of 2020 and 7.9 percent lower compared to the first half of 2019, recovering from the 27.7 percent decline reported in the first quarter of this fiscal year.

The company’s online sales increased by 30 percent in the first half and were 77 percent higher compared to 2019. The group’s customer base reached 4.7 million to date, up 12 percent in one year.

In the second quarter, EBITDA came to 54.5 million euros, up 50.9 percent compared to the second quarter in 2020 and up 45.7 percent against the second quarter of 2019.

In the first six months, adjusted EBITDA was positive and equal to 60.1 million euros, while once stores re-opened, sales performance and high full-price sales boosted the EBITDA margin that went from 2.5 percent in 1Q21 to 10 percent in 1H21. Adjusted net income amounted to 13 million euros, while reported Net income amounted to 17 million euros.

For the year 2021, the company expects to report net sales in the range of 1.300 to 1.320 million euros and adjusted EBITDA in the range of 120 to 135 million euros.