Covid-19: OVS foresees sharp drop in 2020 turnover

The yr to January 31, 2020, OVS S.p.A. stated, ended with internet sales of 1,370 million euros, decrease of 1.5 % because of the strategy of decreasing inflows of products mixed with decrease promotional leverage. Adjusted EBITDA, the corporate stated in a press release, which got here in at 156.3 million euros, recovered by 31 million euros in contrast with the second half of 2018, up 49 % year-on-year. Adjusted internet profit was 57.7 million euros, up 2.6 million euros compared with 2018.

After the Covid-19 outbreak at first of 2020, the company anticipates revenues will contract sharply in the current financial yr. OVS added that along with the just about two months of disruption already experienced, it expects a big lower post-lockdown that will probably be more marked until the summer time and hopefully much less pronounced in the second half of the yr. The company believes that ongoing value containment measures, the help of the short-term lay-off fund, discounts from suppliers and lower prices for providers and rents will be the principal elements partially offsetting the loss of income.

Image:Fb/Upim

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