October 16, 2019 / 10:53 AM / 2 months ago

Italian retailer OVS sees better group profitability in H2 - CEO

MILAN, Oct 16 (Reuters) - Italian clothing retailer OVS expects a much higher profitability in the second half compared with last year, when results were affected by excess stock and unfavorable weather conditions, its chief executive said.

Shares in the high-street shop chain extended gains on the CEO comments rising 4.2% at 1.708 euros by 1043 GMT, while the broader Milan stock market traded up 0.2%.

“We see much higher margins compared with the same period of last year,” CEO Stefano Beraldo said on Wednesday on the sidelines of an event to mark the opening of a flagship store for the chain’s UPIM brand in Milan. (Reporting by Elisa Anzolin, writing by Maria Pia Quaglia, editing by Valentina Za)

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