What: Italian clothing distributor OVS reported a 1.5% increase in net turnover for 2023, reaching 1.5 billion euros.

Why it is important: This growth, while modest, signifies resilience in the face of challenging weather conditions that impacted the clothing market early in the year. The record turnover, particularly driven by a strong fourth quarter, highlights OVS's strategic adaptability and the robustness of its women's segment and cosmetics line.

OVS concluded 2023 with a notable increase in its financial performance, marking the year with a net turnover of 1.5 billion euros, a 1.5% increase from the previous year. The company's success was significantly influenced by unfavorable weather conditions which posed initial challenges. Noteworthy was the women's segment, especially the B-Angel brand and cosmetics, which saw the most substantial growth. The year also saw OVS's best fourth quarter in history, generating 433.1 million euros in net revenue and 60.7 million euros in adjusted EBITDA. The overall EBITDA for the year was 182.2 million euros, representing 11.9% of revenue. OVS also reported an increase in gross margin to 57.3%, with a net profit of 52.4 million euros and an adjusted net profit of 75.9 million euros. The company's board proposed a dividend of 0.07 per share, reflecting a 4.6% dividend yield based on the current share price. Additionally, the board approved an expansion of the current share buyback program by 20 million euros. For 2024, OVS anticipates further sales growth due to an increasing appreciation for its new products and expected climate normalization.

OVS records turnover of 1.5 billion euros for 2023, with a record fourth quarter