OVS accounts, the numbers for the 2018/2019 financial year



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Oviesse-garibaldiOVS announced the results of 2018/2019 (the company closes the balance sheet on January 31), year ended in Net Revenue (excluding sell-in for the Sempione Fashion Group) for 1.39 billion euros, down 1.7% from 1.42 billion last year. The company executives specified that sales were hampered by a particularly negative market trend, also due to a climatic component that in the second part of the year was extraordinarily adverse. The contraction was strong gross operating margin adjusted, from € 196.5 million to € 144.2 million (-26.6%); consequently, margins fell from 13.9% to 12.3%. OVS ended last year with a net profit 55.2 million euros, a sharp drop from the 106.5 million registered in 2017/2018.

At the end of January 2019, thenet debt of the group fell to 364.9 million euros, compared to 377.8 million at the beginning of the year. Throughout the year, OVS 'operating activities absorbed cash by 25.8 million euros.

OVS management believes that during 2019 the company will experience a slight contraction in sales on a like-for-like basis, while margins could improve progressively. In addition, top management reported that international growth will continue mainly with the opening of franchised stores.

The heads of OVS proposed do not distribute dividends related to the 2018/2019 financial year.

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