After closing 2022 with a turnover of over 1.5 billion euros, Ovs it continues to grow also in the first three months of 2023. In the first quarter of the current year, the group’s net sales in fact reached 336.5 million euros, marking a leap of 12.2% compared to Q1 2022.
Profitability was also positive, with adjusted EBITDA amounting to 27.5 million euros, up by 7.3 million compared to 20.1 million in the same period of the previous year. Adjusted Ebit was also up, up 107.1% on Q1 2022 and now at €11.7 million. Furthermore, net financial debt decreased from 265.1 to 250.9 million.
“The excellent results in the first quarter were obtained thanks to the significant appreciation of the spring/summer collection which allowed us to continue in the current phase of acquiring new customers; the main shop indicators are very positive, with an increase in traffic and the value of the average receipt”, he comments in a note Stefano BeraldoCEO of the group.
“All the brands show a positive trend”, continues the manager. “The performance of the beauty & personal care segment deserves special mention, +50% compared to last year, thanks to the evolution of the commercial and operating model and with a trend far superior to the already positive market performance”.
Last full year ended for Ovs with a jump in profits. In the 12 months to 31 January last, the Italian fast fashion group in fact recorded an adjusted consolidated net profit of 78.4 million euros, an increase of 75.2% compared to that of the 2021 financial year.
In addition to Ovs, the group’s brands are Lead, Ovs Kids, Upim, Blukids, Body e Stefanel. In July 2022 the group announced further the acquisition of Friends (the historic Italian brand was headed by Super srla company declared bankrupt in March of the same year).