OVS net sales for the first quarter amounted to 352.2 million euros, up 4.7 percent driven by directly operated stores, where sales were up 5.1 percent.
After a year of decline in 2023, OVS said that the franchise channel resumed growth, with sales up 3.2 percent.
The OVS brand achieved sales growth mainly on a like-for-like basis. The Upim brand was supported by the like-for-like sales performance, the expansion of the sales network and the positive trend in the franchising business.
Commenting on the trading update, OVS chief executive officer, Stefano Beraldo, said: “The group’s main brands showed sales growth, despite delays in delivery caused by the Suez Canal crisis. This performance appears even more significant in view of the sharp increase recorded in the same period of the previous year.”
The company’s adjusted EBITDA in the quarter was 29.7 million euros, up by 2.2 million euros, while the EBITDA margin increased to 8.4 percent.
The company added that adjusted profit before tax rose to 10.1 million euros compared with 7.7 million euros in the first quarter of 2023, an improvement mainly driven by higher EBITDA.
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