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Italy's OVS exceeds pre-pandemic sales after strong May

·1-min read

MILAN (Reuters) - Italian clothing retailer OVS exceeded pre-pandemic sales levels in the first four months of its fiscal year after strong growth in May, its chief executive said on Tuesday.

OVS posted a 31% rise in net sales to 300 million euros ($313 million) for the first quarter of its fiscal year, compared with the same period last year, which was affected by the pandemic.

It also reported a core profit of 20.1 million euros.

The sales performance in May "has allowed the first four months of the year to exceed pre-pandemic sales levels", CEO Stefano Beraldo said in a statement.

Beraldo added the company could look to the rest of the year with confidence, despite "geopolitical volatility" and inflationary pressures.

OVS's financial year runs from February to January.

($1 = 0.9595 euros)

(Reporting by Francesco Zecchini Editing by Gianluca Semeraro and Mark Potter)

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