OVS, an Italian clothing company, posted its net sales decline 1.5 per cent to €1,370 million in fiscal 2019 that ended on January 31, 2020. The performance declined reportedly due to the strategy of reducing inflows of goods combined with lower promotional leverage. However, company’s adjusted net profit rose to €57.7 million in FY19.
OVS, an Italian clothing company, posted its net sales decline 1.5 per cent to €1,370 million in fiscal 2019 that ended on January 31, 2020. The performance declined reportedly due to the strategy of reducing inflows of goods combined with lower promotional leverage. However, company's adjusted net profit rose to €57.7 million in FY19. #
Company’s domestic market decreased 3.9 per cent. The adjusted net financial position was €309.9 million compared to €375.8 million in FY18.
OVS, an Italian clothing company, posted its net sales decline 1.5 per cent to €1,370 million in fiscal 2019 that ended on January 31, 2020. The performance declined reportedly due to the strategy of reducing inflows of goods combined with lower promotional leverage. However, company's adjusted net profit rose to €57.7 million in FY19. #
In its outlook, OVS stated that the revenues will contract sharply in FY20. In addition to the almost two months of disruption, company considers it is reasonable to expect a significant decrease post-lockdown that will be more marked until the summer and hopefully less pronounced in the second half of the year.
ALCHEMPro News Desk (JL)
marketing@alchempro.com
