Cover 50 closes first quarter with revenues up and Ebitda down

(Alliance News) - Cover 50 Spa reported Thursday that it closed the first quarter with revenues up to EUR10.8 million from EUR9.9 million in the same period last year.

Revenues in foreign markets account for about 53 percent of total revenues: among these, Japan, the U.S. and EU countries are the largest markets. The breakdown of revenues by product line shows the key contribution of the PT Torino men's product line, which accounts for about 58 percent of total revenues.

Also on the rise is the turnover of the U.S. subsidiary PT USA Corp. an entity created to pursue the important development plans in the U.S., a market that represents the focus of Cover 50's internationalization strategy in the medium term. Sales for the first quarter amounted to USD1.4 million, up 19 percent from the same period of the previous year and also up from the same period before the pandemic. The composition of sales shows a clear predominance of the PT Torino men's line by 60%.

Ebitda decreased to EUR2.5 million from EUR2.9 million in the year before due to higher façon costs, energy costs and lower revenue profitability due to sales performance.

As of March 31, 2023, the Net Financial Position is EUR23.9 million positive compared to EUR21.6 million as of December 31, 2022.

Cover 50's stock closed Thursday at a par at EUR13.40 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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