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OVS Q1 FY20 sales down to €103 mn
14 Jul 20 1 min read
OVS, an Italian clothing company, posted 67.7 per cent sales decline to €102.7 million in first quarter (Q1) FY20, ended on April 30, 2020 compared to €317.5 million in Q1 FY19. EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the quarter reported a loss €34 million compared to earnings of €25.1 million in Q1 FY19.
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Net Debt for the quarter amounted to €428.8 million. Company incurred a loss before tax of €52.4 million compared to profit before tax of €7.6 million in Q1 FY19.
“In a quarter in which our stores were closed for almost two months, the company reacted as swiftly as possible to decrease costs,” Stefano Beraldo, chief executive officer at OVS, said in a press release. “On the basis of this sales trend, which is above our expectations, we believe we are well positioned to face any further possible health crises in countries where our manufacturers operate, causing their activities to slow.”
Sales of OVS brand dropped to €82.1 million (Q1 FY19: €259.8 million). While sales of UPIM brand fell to €20.6 million (€57.7 million).
Fibre2Fashion News Desk (JL)
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