OVS FY20 sales decline by 25.7 percent

Full year net sales at OVS spa, amounted to 1,018.5 million euros, down by 25.7 percent against 2019. The company said in a statement that in spite of a low propensity to out of home activities across the full year in the period between the two lockdowns, OVS recorded a positive LFL performance.

The company added that adjusted EBITDA for the year was positive and equal to 72.9 million euros Adjusted net income amounted to negative 4.8 million euros, while reported net income was positive and equal to 35.1 million euros.

OVS website achieved a 63 percent growth, the double of the trend posted by the market. The base of loyal customers reached 4.5 million with an increase of 12 percent and unique visitors on the website totalled 12 millions, up 43 percent.

The company further said that following a 2020 of resilience, characterized by the development of the group’s business model, the forecasts for 2021 are for a return to growth. OVS expects a topline performance in the first quarter that will continue to outperform the Italian clothing market and a marked recovery in profitability compared with 2020.