Home » Beraldo: “Ovs recorded sales above the market in the first quarter”

Beraldo: “Ovs recorded sales above the market in the first quarter”

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Ovs jump to Piazza Affari after the 2020 budget, which saw a return to profit of 35.1 million euros. The stock gained 10.21% to 1.49 euros also in light of rosy estimates for this early 2021: the year for the Ovs group will be characterized by a “return to growth” even if “the closures linked to the pandemic are still “Affecting our network of stores”. The CEO of Ovs, Stefano Beraldo, as in the first quarter of 2021, the expectations on sales are “higher than the Italian clothing market” with anet recovery of profitability compared to 2020», A period in which the lockdown had impacted the entire network.

“Although it started with a third wave of contagions and consequent restrictive measures, we expect a significant increase in sales for 2021 compared to 2020”, said Beraldo, underlining that the group expects “in the first quarter of 2021 a trend of the topline that will continue to outperform the clothing market in Italy and a marked recovery in profitability compared to that of 2020 ». Furthermore, Beraldo said that “the liquidity deriving from the proposed capital increase unanimously approved by our shareholders, up to a potential of 80 million euros, which is expected to be perfected by July 2021, will allow our group to further accelerate the consolidation of the clothing market in Italy ».

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The hope, as we can also read in the presentation slides illustrated to the analysts, is that the actions taken by the new Italian government, and the vaccination campaign that is progressively bringing positive effects, will help for a gradual return to normality, as happened after the first lockdown, with the conviction that the clothing sector, so far one of the most affected by the restrictive measures, “will also be among those that will benefit most from post-pandemic consumption”.

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The 2020 budget is back in black

Ovs closed 2020 with a profit of 35.1 million, against the red from 140.4 million of the previous year, by virtue of a positive effect on taxes of 95.1 million deriving from the fiscal realignment of the Ovs and Upim brands (the adjusted figure is a loss of 4.8 million, against the previous profit of 57.7 million). Revenues fell by 26% to 1.017 billion (-25.7% to 1.018 billion the adjusted figure), however better than the trend of the “physical” market (-37%), which raised the market share of Ovs from 8.1% to 8.4%. Sales achieved through the ovs.it site increased by 63%, double the growth of the reference channel in Italy.

In terms of profitability, the gross operating margin (Ebitda) amounted to 205.1 million (adjusted -53.3% to 72.9 million) and Ebit was negative for 1.7 million (adjusted -85.6% to 14 million). The adjusted net financial position is equal to 401 million, with a limited cash absorption caused by the pandemic, above all thanks to the timely action to contain costs and reduce orders for goods.

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