Le sales di Ovs in the 2021 budget they grew by 33,4% over the year to 1,36 billion with an adjusted Ebitda of 147,2 million, up by over 74 million on the previous year and down by only 9,1 million compared to 2019.
This was stated in a note by the company which, in addition to the Ovs stores, also has those of Upim, Stefanel and, starting this year, also Gap.
“In light of current results and further ongoing actions we believe we can look to 2022 with cautious optimism and to be able to foresee the possibility of afurther growth in economic results, having a adequate cash generation", He says Stephen Beraldo, CEO of Ovs
In detail of the 2021 budget, the sign Ovs has realized revenues for 1.054,4 million, an increase of 238,8 (+29,3%) e Upim posted revenues for 294,4 million, up by 91,6 million (+45,1%).
L'Ebitda of Ovs which grew by 69,2 million (the incidence on sales went from 6,8% to 11,8%) and that of Upim by 9,7 million (with an incidence on sales increased from 8,6 .9,2% to XNUMX%).
Sales of the direct shops increased by 34,2%, those of the network in franchise by 28,3% and those of e-commerce and market-place by 44,0%.
“The growth in sales, obtained with a substantially equal sales area, is well above the 18,7% of the clothing market and confirms that the OVS Group has grown more than any other player, physical and/or digital, operating in Italy in the sector”, comments Beraldo.
Ovs balance sheet 2021: the net result is positive again
Il adjusted net income was 44,8 million euros, returning positive, after the red of 4,8 million at 31 January 2021, with a cash generation beyond expectations which prompted the board of directors to propose a dividend of 0,04 euro per share, which will be paid on June 22nd.
Il operating cash flow was positive for 129,8 million, to which must be added 81 million deriving fromcapital increase finalized last July.
La net financial position has improved markedly, halving in 2021 to 190,3 million from 401,1 million as at 31 January 2021 and down another 120 million from pre-pandemic levels.
Growth was high for all brands, both offline and online.
THEebitda margin reached 10,8%, up from 7,2% in 2020, "thanks to the significant improvement in sales, the reduction of mark-downs and actions on the cost side" says the note, specifying that the group has increased the market share at 9,3% compared to 8,4% in 2020.
Lighthouse on the evolution of Stefanel and Gap stores
In the third quarter of 2021, the Group kicked off the new course imprinted a Stefanel, “a recently acquired brand, with encouraging results”, underlines the number one of Ovs.
Also last November Ovs and Gap have signed an agreement for the sale of the 11 Gap stores to Ovs in Italy. The partnership between the two companies began in 2020 with a franchising agreement which provided for the inclusion of the Gap Kids brand in Ovs stores and the sale of the Gap men's, women's and children's collections in the Ovs e-commerce. Now the Italian brand will also acquire the stand-alone Gap stores in Italy.
“In the development of our business model, we believe that this agreement contributes to creating value for our group and represents a further step in the evolution of Ovs' strategy which increasingly becomes a platform open to collaborations with other brands, consistent with its positioning and its values” Beraldo stated on that occasion.
“On the subject of sustainability, in 2021 Ovs issued a Sustainability-linked Bond and in March 2022 it took out two new sustainability-linked credit lines to replace the existing ones, "thus reinforcing the company's commitment to achieving its sustainability goals", says the note.
