OVS expects to report improved profitability, launches share buyback programme

OVS sales for the entire year were up by approximately 1.4 percent, an increase that occurred mainly on the like for like perimeter.

The company said in a media statement that the positive result was achieved despite the extremely unfavourable climatic conditions, which penalised the apparel market in both beginning of seasons.

Driven by the recovery of profitability in the fourth quarter, the adjusted EBITDA for the year is expected to record a slight improvement from the 180.2 million euros in 2022.

The company further said that adjusted net financial position at January 31, 2024 is improving compared to the 162 million euros last year, after the distribution of dividends of 16.4 million euros and share buy-backs of 31.4 million euros.

The company added that the second half of the year, contrary to general concerns about the consumption trend and in addition to an anomalous persistence of summer temperatures, recorded stable turnover with growth in the final quarter.

The OVS board of directors has approved the launch, starting from February 5, 2024, of a share buy-back programme with a maximum amount of 20 million euros, up to a maximum of 11 million shares.