The Italian fashion group Ovs Spa closed the past year with higher than expected earnings.
Revenue for the financial year ended January 31, 2022 was EUR 1.36 billion, preliminary business figures show. Revenue increased by 34.6 percent compared to 2020 and returned to the 2019 level. E-commerce sales contributed to the increase. Compared to 2020, it grew by 23 percent and by more than 100 percent compared to 2019.
“The sales results for the past year are very satisfactory; Overall, we have returned to 2019 levels despite the negative impact of the unexpected lockdown that affected the first quarter of the year and a worsening of infections in recent weeks,” Managing Director Stefano Beraldo said in Tuesday’s statement.
share buyback
According to the owner of the fashion brands Stefanel, Ovs, Upim and Piombo, the current year will still be marked by uncertainties related to both the pandemic and the pressure on costs.
In view of the preliminary business figures, the Board of Directors has approved a share buyback program of up to EUR 10 million.