OVS FY15 net sales grow 7.5 percent

After OVS Board of Directors approved the results for the financial year 2015 in Venice, the company said that growth in like-for-like sales and new store openings resulted in strong increase in revenues and EBITDA as well as substantial net debt reduction. Total net sales increased by 92.1 million euros (103.6 million dollars), or 7.5 percent, with a positive contribution from both divisions and like-for-like sales growth of 1.8 percent.

“We are seeing the first signs of recovery, however, particularly in the north of the country. In Italy, consolidation has also continued in favour of organised modern retail groups, and OVS has shown that it is more capable than any other player of benefiting from this trend, with another steady increase in market share up to 7 percent in December 2015. Although 2016 began with unfavourable weather conditions, sales continue to grow and margins remain robust,” said Stefano Beraldo, Chief Executive Officer of the company.

OVS and Upim post positive results

OVS registered net sales growth of 7.3 percent or 76 million euros (85.5 million dollars), due to network expansion and a positive trend in like-for-like growth. Upim's sales grew by 23.1 million euros (26 million dollars) or 12.9 percent, benefiting from the run-rate effect of openings and conversions occurred in 2014, as well as the many openings of both directly managed and franchised Blukids stores.

The Gross margin was largely unchanged in every sales channel, despite the stronger dollar, thanks to a positive trend in commodities prices in local currencies and the relocation of part of the production from China to other areas of the Far East, with resulting savings in costs. EBITDA came in at 179.6 million euros (202.2 million dollars) or 13.6 percent of net sales, up by 14.3 percent. OVS registered a 13.7 million euros (15.4 million dollars) increase in EBITDA, while Upim registered a 7.8 million euros (8.7 million dollars) increase.

Board proposes dividend and adds Marvin Teubner as member

The Board of Directors has proposed to shareholders the payment of a dividend of 34.05 million euros (38.33 million dollars) for 2015, equal to 0.15 euro (0.17 dollar) per share and representing a pay-out ratio of 42 percent of net consolidated income.

Following the resignation of Board member Lori Hall-Kimm, the Board also resolved to appoint, through co-option, Marvin Teubner as a new company board member, categorising him as non-executive pursuant to the applicable regulatory provisions.