MILAN — Italian retailer OVS SpA saw gains in profitability and revenues in the three months ended March 31 as it consolidated its core Italian market.
Profit before taxes totaled 2.6 million euros, or $3 million, excluding nonrecurring items, up by 12.3 million euros, or $16.8 million, in the same period last year.
Earnings before interest, taxes, depreciation and amortization rose 21.2 percent to 23.5 million euros, or $26.5 million. Operating profit almost doubled to 10.1 million euros, or $11.4 million, from 5.3 million euros, or $7.2 million. Revenues climbed 7.9 percent to 284.6 million euros, or $321.6 million. In the first quarter, the number of stores rose by 76 units.
Dollar figures were converted from the euro at average exchange for the periods they refer to.
The company debuted on the Italian Stock Exchange on March 2.
Chief executive officer Stefano Beraldo said the performance was achieved despite below-average temperatures in the period and an unfavorable holiday calendar compared with the first quarter last year. Beraldo said the weather has improved in the first part of the second quarter and that the development of the chain proceeds in line with plans. He also pointed to growth in new product categories, among them the “teen” and “fitness” segments, first introduced in a limited number of stores in 2014 and now present in a large part of the network.