July 9, 2020 / 4:07 PM / a month ago

BRIEF-OVS Q1 Adj. Pre-Tax Result Turns To Loss Of EUR 52.4 Mln

July 9 (Reuters) - OVS SpA:

* Q1 NET SALES EUR 102.7 MILLION, DOWN 68% YEAR/YEAR

* Q1 ADJUSTED PRE-TAX LOSS EUR 52.4 MILLION VERSUS ADJUSTED PRE-TAX PROFIT EUR 7.6 MILLION YEAR AGO

* OVS, INCREASE IN E-COMMERCE SALES DURING LOCKDOWN AND RETURN TO STRONG TURNOVER WHEN STORES REOPENED - CEO

* OVS CEO SAYS OUR POSITIONING WILL ALLOW US TO CARRY FORWARD GOODS PURCHASED THIS YEAR TO NEXT YEAR

* OVS SEES SUBSTANTIAL RECOVERY OF WORKING CAPITAL IN H1 2021, MAINTAINING GOOD GROSS MARGIN - CEO

* OVS CEO SAYS INVESTMENTS WILL CONTINUE IN THE DIGITAL SPHERE Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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