The Italian clothing retailer OVS SpA was able to record slight increases in sales and operating profit in the 2023 financial year despite difficult conditions. This emerges from an interim statement that the company published on Wednesday.
According to preliminary figures, revenue increased by around 1.4 percent compared to the previous year. The retailer explained that the small increase was achieved despite “extremely unfavorable weather conditions” at the beginning of the spring and autumn seasons. Despite the weak consumer sentiment and the unusually long summer weather, sales in the second half of the year reached the level of the same period last year thanks to an upward trend in the final quarter.
Operating profit also made progress. The company explained that earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for special effects, had achieved a “slight improvement” compared to the previous year’s figure of 180.2 million euros.
The retailer also announced another share buyback program. This provides for the acquisition of up to eleven million own shares for a total of up to 20 million euros and is scheduled to begin on February 5th.