The Italian trading group OVS SpA closed the 2022 financial year with strong sales growth and is again looking to the future with more optimism. However, there will be no takeover of the Coin department store chain for the time being.
On Tuesday, the company announced that it was able to achieve an eleven percent increase in sales to over 1.5 billion euros in the past financial year. In the final quarter, the retailer maintained its pace of growth: the corresponding revenues rose by eleven percent to around 420 million euros. Thanks to higher margins, quarterly earnings before interest, taxes, depreciation and amortization (EBITDA) improved by ten percent, explained OVS.
The group now expects an improvement in the recently difficult framework conditions: the “inflationary pressure” is currently easing, and there are “positive signs” in terms of sales development and consumer trends,” explained OVS. The management therefore expects further growth in the current year.
However, plans to take over the Coin SpA retail chain have been put on hold for the time being. The corresponding talks were “ended by both parties,” said OVS. The group will continue to examine “opportunities for external growth that arise on the market”, but in view of the current framework conditions, it will give priority to reducing debt.