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OVS sales grow by 8 percent nine months after its debut on the Milano Stock Exchange

By Angela Gonzalez-Rodriguez

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Business

Fashion group OVS is enjoying quite a growth acceleration. In the first nine months of its fiscal year 2015 (February, 1 to October, 31), total sales at the group increased by 8.2 percent to 948.7 million euro, timidly beating the market expectations.

The good operational management coupled with the listing process ended on March,2, which resulted in a capital increase of 349.1 million euro, by the end of October 2015, the net debt of the company has improved to 304.5 million euros. As a result of the refinancing, the average interest rate debt has been reduced from 5.47 percent in the first nine months of 2014 to 3.50 percent in the same period this year, highlights the company in a note.

"Our strategy of consolidation of the Italian market and our priorities remain unchanged. In addition there is also a growing attention to the expansion in selected foreign markets, both with full format and those just dedicated to kids," said the CEO, Stefano Beraldo.

OVS benefits from its listing on the Borsa de Milano and grows sales across the board

The company´s footprint also increased, adding 28 full-format directly managed stores over the period, as well as expanding its other franchise stores devoted to children wear.

The 9-month earnings before interest, taxes, and amortisation (EBITDA) came in at 118.2 million euros, ahead of last year´s same period´s 101.8 million euros, what means an increase of 16.1 percent.

Sales were also up from the previous year, concisely, 948.7 million euros versus 876.8 million euros a year ago (+8.2 percent.)

The results, the CEO of the company stressed that "In view of this, management is confident that the full-year 2015 will have an outcome in line with the assumed growth target."

Brand wise, OVS namesake brand recorded a sales increase of 7.7 percent to 802.8 million euros thanks to the expansion of the network and a positive growth trend for the same, which improves already significant result achieved in the same period last year, reports ‘Milano Finanza’.

Meanwhile, sales of Upim have grown by 19.8 million euro or 15.7 percent to 145.9 million, benefiting from the openings made over the previous year and the numerous store openings and direct Blukids franchise network enhances.

OVS