Italian apparel firm OVS reports Q1 FY21 sales of €229 mn

25 Jun '21

2 min read

Pic: OVS

OVS, an Italian clothing company, posted 123.6 per cent sales increase to €229.6 million in its first quarter (Q1) of FY21, ended on April 30, 2021, compared to €102.7 million in the corresponding quarter of prior fiscal. The company’s net financial position was €474.9 million (Q1 FY20: €428.8 million), while EBITDA was €5.7 million (loss: €34.0 million).

“The sales performance was excellent, with strong growth compared to 2020 in all product categories and, compared to 2019, recording a limited decline considering the decrease in opening hours. The strong recovery in profitability was also good, thanks to fewer promotions and attention to costs,” Stefano Beraldo, chief executive officer at OVS, said in a press release.

“The extraordinary results of the month of May have to be highlighted, reporting double-digit sales growth compared with 2019, supported by the excellent performance of the new brands that were recently added to the offering,” Beraldo added.

Sales of OVM brand during Q1 FY21 surged 114 per cent to €176.1 million (€82.1 million), whereas UPIM brand’s sales increased 160 per cent to €53.5 million (€20.6 million).

“There is a general recovery in the market and our company is taking advantage of very strongly. Our extended network of stores enables consumers to benefit from a multi-channel offering unique in Italy, and reducing the environmental impact of one-to-one deliveries made by more traditional digital channels,” Beraldo said in the release.

Fibre2Fashion News Desk (JL)

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