Hugo Boss : Quarterly Statement for Q1 2020

Quarterly Statement for Q1 2020

Metzingen, May 5, 2020

HUGO BOSS resolutely tackles the challenges posed by the pandemic - healthy balance sheet structure and comprehensive measures ensure liquidity

• Protecting employees and financial stability have top priority
• Temporary store closures lead to a decline incurrency-adjusted sales of 17% in the first quarter
• Ongoing strong momentum in online business - sales increase 39%
• Operating result (EBIT) amounts to minus EUR 14 million

"The COVID-19 pandemic is an unprecedented exceptional situation for our company too. Protecting our employees, customers, and business partners is our top priority," says Mark Langer, Chief Executive Officer of HUGO BOSS AG. "We have done our utmost to ensure the financial flexibility and stability of our company. I am absolutely convinced that together we will safely navigate HUGO BOSS through this unusual time."

HUGO BOSS continues to fulfill its social responsibility also in this exceptional situation. The company is protecting the health and safety of its employees, customers, business partners, and other stakeholders through a number of initiatives:

• Already at an early stage, HUGO BOSS set up a crisis team that closely monitors the development of the pandemic and comprehensively coordinates all of the
  Group's actions to protect its employees. Almost all corporate employees have been enabled to work from home. Where this is not possible due to operational conditions, appropriate precautions have been taken. This applies in particular to employees in production, logistics, and retail.
• In accordance with official regulations, inmid-March HUGO BOSS temporarily closed nearly all of its own retail stores as well as points-of-sale at important

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partners in Europe and the Americas. The Asia/Pacific region and China in particular were also affected by extensive temporary closures during the first quarter. In order to protect customers and employees, currently more than 75% of the Group's more than 1,000 own points-of-sale globally remain closed.

• At the end of March, HUGO BOSS temporarily dedicated the production facility at its headquarters in Metzingen, Germany, to the production of face masks. A total of around 200,000re-usable masks are being produced at the site, before being donated to public institutions. The latter will also receive functional clothing that is produced in-house.

COVID-19 pandemic weighs on business development in the first quarter

In the wake of the COVID-19 pandemic and the related temporary closures of retail stores, the global apparel industry, including the upper premium segment, faced significant challenges in the first quarter of 2020. For HUGO BOSS, this inevitably resulted in a decline in sales, profitability, and cash flow in the first three months of the year. Sales of HUGO BOSS decreased 16% overall to EUR 555 million (Q1 2019: EUR 664 million). This corresponds to a currency-adjusted decline of 17%. After a very encouraging start to the new year, the global spread of the coronavirus led to a significant impact on the business. In the Asia/Pacific region, the effects began to be noticeable from late January, and currency-adjusted sales were down by a total of 31% in the first quarter. On the other hand, the decline in currency-adjusted sales in Europe and the Americas was less pronounced at 14% and 17%, respectively. In both regions, the increased spread of the virus only began around one month later.

While the vast majority of the own store network of HUGO BOSS was affected by temporary closures in the first quarter, the Group's own online business continued to enjoy strong momentum. With encouraging currency-adjusted growth of 39%, the first three months of 2020 marked the tenth consecutive quarter of strong double- digit growth of the own online business. In total, retail sales decreased 17% in the first quarter, while wholesale revenues declined 18%, both currency-adjusted.

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The double-digit sales decline significantly weighed on earnings. In the first quarter, the operating result (EBIT) amounted to minus EUR 14 million (Q1 2019: EUR 57 million).

Gradual recovery in mainland China

Unlike in Europe and the Americas, where business is still significantly impacted as a result of the pandemic and the continuing closures of points-of-sale, HUGO BOSS is currently seeing steady improvements in mainland China. Since the end of March all own retail stores and shop-in-shops have been reopened over there, and the sales achieved in April were only around 15% to 20% below the prior year level.

HUGO BOSS expects that consumer behavior and store traffic will continue to improve gradually in this strategically important market for the company. In addition, the momentum of the Group's global online business saw a further strong acceleration in April, as sales generated via the own online store hugoboss.com as well as important partner websites more than doubled versus the prior year period.

Comprehensive measures taken to secure free cash flow

Thanks to its healthy balance sheet structure, HUGO BOSS is well prepared for the financial challenges associated with this global crisis. In addition, at an early stage, the company initiated comprehensive measures with a total volume of around EUR 600 million to secure its free cash flow:

• With a view to its operating expenses and its strict cost management,
  HUGO BOSS targets additional cost savings of at least EUR 150 million over the course of the year. In the context of the respective legal framework, measures were taken to reduce the working hours and personnel costs for the Group's national and international subsidiaries. For a large number of the employees in Germany, for example, a reduction in working hours initially until May 31 was agreed with the works council. At the same time, HUGO BOSS will voluntarily supplement the short-time working compensation to at least 80% of the regular level. In doing so, the company aims at securing the jobs of its employees while at the same time increasing its financial flexibility. The Managing Board

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of HUGO BOSS AG will also participate in the measures out of solidarity, and is voluntarily waiving 40% of its basic remuneration for the months of April and May 2020. Significant cost savings are also targeted in selling and distribution expenses during the course of the year. In this regard, HUGO BOSS maintains a close and trusting relationship with its landlords in all the affected markets. In each case, mutual solutions to reduce rental expenses appropriate to the situation are being sought in a spirit of partnership.

• Besides this, allnon-business-critical investments are being postponed for the time being. In particular, planned renovations and openings of retail stores will be suspended until further notice. Overall, the initial investment budget for 2020 of around EUR 150 million will be reduced by around one third from today's perspective.
• In order to limit the increase in trade net working capital, HUGO BOSS is working together with its suppliers to reduce the inflow of inventories. At the same time, the company has adjusted its own production level to account for the currently lower demand. In total, HUGO BOSS aims at reducing the inventory inflow in fiscal year 2020 by at least EUR 200 million versus its initial plan.
• In addition, as already communicated, the Managing Board and Supervisory Board of HUGO BOSS AG will propose to the Annual Shareholders' Meeting on May 27,
  2020 that the dividend payment for fiscal year 2019 will be suspended, except for the legal minimum dividend of EUR 0.04 per share. By retaining the net profit, the company is strengthening its internal financing capability.

Protecting its financial flexibility and stability remains a top priority for HUGO BOSS. At the end of the first quarter, the Group had cash and cash equivalents of EUR 102 million. In addition, a revolving syndicated loan in the amount of EUR 450 million is available to the company. Of this, EUR 122 million was utilized at the end of the first quarter.

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Reliable outlook for the full year not possible under current circumstances

The temporary closure of a large number of stores of HUGO BOSS will noticeably weigh on the Group's sales and earnings development for the full year. However, as the further development of the pandemic in many important markets remains uncertain, a reliable forecast for sales and earnings development in 2020 is currently not possible.

At the same time, HUGO BOSS expects both sales and earnings declines in the second quarter of 2020 to be more pronounced than those recorded in the first quarter. This will mainly be a result of the continuing closures of the Group's own stores as well as points-of sale at important partners in Europe and the Americas. Overall, these two regions combined usually contribute around 85% to Group sales. In total, HUGO BOSS hence expects currency-adjusted Group sales to decrease by at least 50% in the second quarter. Nevertheless, the company is confident that from the third quarter on, the retail environment will gradually improve. This should also positively impact the Group's sales and earnings development in the second half of the year.

In order to ensure the safety of its shareholders and employees, HUGO BOSS will hold its Annual Shareholders' Meeting entirely virtually for the first time on May 27, 2020. All information about the Annual Shareholders' Meeting can be found at shareholdermeeting.hugoboss.com. The Investor Day, originally scheduled for June 18 and 19, 2020, has been postponed considering the current situation. The company will announce a new date in due time.

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Q1 sales development by segment

• In the first quarter of 2020,Group salesdecreased by 17%, currency-adjusted. After a very encouraging start to the new year, the rapid spread of the coronavirus from the end of January onwards had a severe impact on the retail sector, first in Asia and then around a month later in Europe and the Americas. In the first quarter, almost all of the company's more than 1,000 points-of-sale were affected by temporary closures, which significantly weighed on sales development in all three regions.
• • InEurope, currency-adjusted sales in the first quarter were down 14% on the prior year, with the Group recording low double-digit sales declines in all four key markets - Germany, Great Britain, France and the Benelux countries.
    Overall, the decline was more pronounced in the wholesale channel than in the own retail business. This not only resulted from order cancellations by wholesale partners, but also from the expansion of the concession model in the own online business. The latter led to a shift in sales from the wholesale channel to the own retail business.
  • In theAmericas, low double-digit declines in the U.S. and Canada resulted in an overall currency-adjusted sales decrease of 17%. The own retail business and the wholesale channel performed broadly in line. In Latin America, where the pandemic spread later than in the rest of the region, HUGO BOSS recorded a slight increase in sales in the first quarter.
  • Sales in theAsia/Pacificregion declined 31% currency-adjusted in the first three months of the year. After initially recording substantial double-digit sales

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growth in the three weeks prior to the Chinese New Year, the rapid spread of the coronavirus in the following weeks led to a significant impact on the Group's business in this region, particularly in China. Consequently, the sales decline in China - a strategically important market for the Group - was more pronounced than in the region's other markets, including Japan and Southeast Asia.

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Q1 sales development by channel

• Sales in theGroup´s own retail business(including shop-in-shops, outlets and online stores) declined by 17% on a currency-adjusted basis in the first quarter.
• • On a comp store andcurrency-adjusted basis, sales decreased 20%. The decline in Asia/Pacific was more pronounced than in Europe and the Americas.
  • Overall, sales in the own retail business in Europe declined 10% currency- adjusted to EUR 200 million (Q1 2019: EUR 221 million).Currency-adjusted sales in the Americas decreased by 17% to EUR 66 million (Q1 2019:
    EUR 78 million). In the Asia/Pacific region, sales amounted to EUR 67 million, representing a currency-adjusted decline of 33% (Q1 2019: EUR 99 million).
  • The own online business continued its strong momentum. The overall 39% increase incurrency-adjusted sales resulted not only from significant growth in sales generated via the own online store hugoboss.com, but also from online partnerships in the concession model, which were intensified in 2019.
  • Following a change in the basis of consolidation, the sales generated from six of the Group's own stores in the United Arab Emirates are attributed to retail sales since January 1, 2020. Compared to the prior year, this has led to a slight shift in sales from wholesale to own retail.
• In thewholesale business, sales were down 18% in the first quarter. The COVID-19 pandemic resulted in lower deliveries to partners, in particular in Europe and North America. Besides this, the intensification of the online concession

model over the last quarters as well as the attribution of the Group's six stores in

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the United Arab Emirates to the retail business led to a shift in sales from wholesale to retail.

• • At EUR 167 million,currency-adjusted wholesale sales in Europe were 19% below the prior year level (Q1 2019: EUR 204 million). In the Americas, currency-adjusted sales declined 15% to EUR 33 million (Q1 2019:
    EUR 38 million). The Asia/Pacific region saw a 17% decrease in currency- adjusted sales to EUR 7 million (Q1 2019: EUR 8 million).
• Given the high level of uncertainty associated with the pandemic, sales in thelicense businessin the first quarter were also below the prior year level.

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Q1 sales development by brand and gender

• BothBOSSbusinesswear and casualwear recorded low double-digit sales declines in the first quarter.
• The casualwear ofHUGOachieved double-digit sales growth also in the first quarter, partially compensating for the sales decline in the brand's businesswear.

• Bothmenswearand womenswearrecorded sales declines in the first quarter.

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Q1 earnings development

(in EUR million)
			Jan. - Mar.		Jan. - Mar.
			2020		2019		Change in %
Sales		555		664		(16)
Cost of sales		(206)		(240)		14
Gross profit		349		424		(18)
In % of sales		62.9		63.8		(90) bp
Operative expenses		(363)		(367)		1
In % of sales		(65.4)		(55.2)		(1,020) bp
thereof selling and distribution expenses		(288)		(286)		0
thereof administration expenses		(75)		(80)		6
Operating result (EBIT)		(14)		57		< (100)
In % of sales		(2.5)		8.6		(1,110) bp
Financial result		(11)		(8)		(45)
Earnings before taxes		(25)		50		< (100)
Income taxes		7		(13)		> 100
Net income		(18)		37		< (100)
Earnings per share (EUR)		(0.26)		0.53		< (100)
Income tax rate in %			28		26

• The decline in thegross profit margincan be largely attributed to higher markdowns in the wake of the COVID-19 pandemic.
• Operating expenseswere slightly below the prior year level in the first quarter.
• • Selling and marketing expensesdeveloped broadly stable. First positive effects from the measures implemented in the wake of the pandemic were more than offset by allowances for specific wholesale accounts in the high single-digitmillion-euro range. Furthermore, the full consolidation of the
    Group's entity in the United Arab Emirates led to the inclusion of costs in the mid-single-digitmillion-euro range.
  • The decline inadministration expensesreflects the Group's strict cost management and is primarily attributable to lower personnel expenses.
• Overall, thedouble-digit sales decline noticeably weighed on earnings development. As a result, both the operating result (EBIT)and the Group's net incomewere below the prior year levels.

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Net assets and financial position

1Change compared to March 31, 2020.

• At the end of the first quarter,trade net working capital (TNWC)was 1% above the prior year level, currency-adjusted. An increase in inventories was largely offset by significantly lower trade receivables, reflecting lower wholesale sales in the first quarter.
• The increase ininventoriesis attributable to the temporary store closures. In order to limit the increase in inventories over the course the year, the inventory inflow is being significantly reduced. This also involves adjusting the Group's own production to the lower demand in the short term.
• Net financial liabilitiesamounted to EUR 1,203 million at the end of the first quarter, representing a 5% increase versus the prior year. This is attributable to the partial utilization of the syndicated loan to secure the Group's liquidity.

1Change compared to Q1 2019.

• Also in order to secure its cash flow, HUGO BOSS has already adjusted itscapital expenditureto the current situation in the first quarter of 2020. Investments amounted to EUR 18 million and were therefore significantly below the prior year level. Investment activity was again focused on continuously optimizing and modernizing the Group´s own retail network.

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• The decrease infree cash flowto minus EUR 86 million primarily relates to the negative earnings development in the first quarter (Q1 2019: EUR 3 million). This effect was only partially offset by lower capital expenditure.

Network of freestanding retail stores

• The number of ownfreestanding retail storesstood at 431 at the end of the first quarter, thus unchanged compared to the end of 2019.
• • In addition to four newly openedBOSS stores, five BOSS stores in the United Arab Emirates have now also been added to the Group´s own store network following a change in the basis of consolidation. In the first three months of the year, eight BOSS stores with expiring leases were closed globally.
  • The first quarter also saw the opening of oneHUGO storein Moscow. The change in the basis of consolidation resulted in the addition of another HUGO store in Dubai. By contrast, three HUGO stores with expiring leases were closed in the U.S. and Japan.

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Financial calendar and contacts

May 27, 2020

Virtual Annual Shareholders' Meeting

August 4, 2020

Second Quarter Results 2020 & First Half Year Report 2020

November 3, 2020

Third Quarter Results 2020

If you have any questions, please contact:

Dr. Hjördis Kettenbach

Head of Corporate Communications

Phone:[phone]

Email: [e-mail]

Christian Stöhr

Head of Investor Relations

Phone: [phone]

Email: [e-mail]

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FINANCIAL INFORMATION

for Q1 2020

Due to rounding, some numbers may not add up precisely to the totals provided.

Key figures - quarter

			Jan. ‒ March		Jan. ‒ March		Change		Change
			2020		2019		in %		in %1
Sales (in EUR million)		555		664		(16)		(17)
Sales by segments
Europe incl. Middle East and Africa		367		424		(14)		(14)
Americas		98		115		(15)		(17)
Asia/Pacific		74		107		(31)		(31)
Licenses		16		18		(8)		(8)
Sales by distribution channel
Own retail business		333		397		(16)		(17)2
Wholesale		206		250		(17)		(18)
Licenses		16		18		(8)		(8)
Sales by brand
BOSS		473		571		(17)		(18)
HUGO		82		93		(11)		(12)
Sales by gender
Menswear		499		598		(17)		(17)
Womenswear		56		67		(15)		(16)
Results of operations (in EUR million)
Gross profit		349		424		(18)
Gross profit margin in %		62.9		63.8		(90) bp
EBIT		(14)		57		< (100)
EBIT margin in %		(2.5)		8.6		(1,110) bp
EBITDA		79		142		(45)
EBITDA margin in %		14.2		21.4		(720) bp
Net income attributable to equity holders
of the parent company		(18)		37		< (100)
Net assets and liability structure
as of March 31 (in EUR million)
Trade net working capital		592		596		(1)		1
Trade net working capital in % of sales3		20.9		20.3		60 bp
Non-current assets		1,724		1,689		2
Equity		986		1,037		(5)
Equity ratio in %		34.9		37.0		(210) bp
Total assets		2,822		2,805		1
Financial position (in EUR million)
Capital expenditure		18		31		(41)
Free cash flow		(86)		3		< (100)
Depreciation/amortization		92		85		9
Net financial liabilities (as of March 31)		1,203		1,147		5
Additional key figures
Employees (as of March 31)		14,329		14,396		0
Personnel expenses (in EUR million)		164		172		(5)
Number of own retail stores		1,115		1,085		3
thereof freestanding retail stores		431		417		3
Shares (in EUR)
Earnings per share		(0.26)		0.53		< (100)
Last share price (as of March 31)		23.11		60.88		(62)
Number of shares (as of March 31)			70,400,000		70,400,000		0

1. currency-adjusted.
2. on a comp store basis (20)%.
3. moving average on the basis of the last four quarters.

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Consolidated income statement - quarter

(in EUR million)
		Jan. - Mar. 2020		Jan. - Mar. 2019		Change in %
Sales		555		664		(16)
Cost of sales		(206)		(240)		14
Gross profit		349		424		(18)
In % of sales		62.9		63.8		(90) bp
Operative expenses		(363)		(367)		1
In % of sales		(65.4)		(55.2)		(1,020) bp
thereof selling and distribution expenses		(288)		(286)		0
thereof administration expenses		(75)		(80)		6
Operating result (EBIT)		(14)		57		< (100)
In % of sales		(2.5)		8.6		(1,110) bp
Financial result		(11)		(8)		(45)
Earnings before taxes		(25)		50		< (100)
Income taxes		7		(13)		> 100
Net income		(18)		37		< (100)
Earnings per share (EUR)		(0.26)		0.53		< (100)
Income tax rate in %		28		26

1basic and diluted earnings per share.

EBIT and EBITDA - quarter

(in EUR million)
			Jan. - Mar. 2020		Jan. - Mar. 2019		Change in %
EBIT		(14)		57		< (100)
In % of sales		(2.5)		8.6		(1,110) bp
Depreciation and amortization		(92)		(85)		9
EBITDA		79		142		(45)
In % of sales			14.2		21.4		(720) bp

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Consolidated statement of financial position

(in EUR million)
Assets		March 31, 2020		March 31, 2019		Dec. 31, 2019
Property, plant and equipment		506		394		517
Intangible assets		194		188		197
Right-of-use assets		890		988		877
Deferred tax assets		113		97		98
Non-current financial assets		20		20		22
Other non-current assets		2		2		2

Non-current assets		1,724		1,689		1,713
Inventories		644		615		627
Trade receivables		161		211		216
Current tax receivables		66		44		33
Current financial assets		13		24		32
Other current assets		112		124		123
Cash and cash equivalents		102		99		133
Current assets		1,098		1,117		1,164
TOTAL		2,822		2,805		2,877
Equity and Liabilities		March 31, 2020		March 31, 2019		Dec. 31, 2019
Subscribed capital		70		70		70
Own shares		(42)		(42)		(42)
Capital reserve		0		0		0
Retained earnings		918		970		933
Accumulated other comprehensive income		34		39		40
Equity attributable to equity holders
of the parent company		980		1,037		1,002
Non-controlling interests		6		0		0
Group equity		986		1,037		1,002
Non-current provisions		81		74		87
Non-current financial liabilities		219		110		106
Non-current lease liabilities		806		838		789
Deferred tax liabilities		11		15		11
Other non-current liabilities		0		1		0
Non-current liabilities		1,117		1,038		994
Current provisions		68		73		92
Current financial liabilities		118		75		112
Current lease liabilities		165		227		168
Income tax payables		63		32		66
Trade payables		213		230		315
Other current liabilities		92		95		130
Current liabilities		719		730		882
TOTAL			2,822		2,805		2,877

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Trade Net Working Capital (TNWC)

(in EUR million)
									Currency-adjusted
			March 31, 2020		March 31, 2019		Change in %		change in %
Inventories		644		615		5		6
Trade receivables		161		211		(24)		(22)
Trade payables		(213)		(230)		(7)		(9)
TNWC			592		596		(1)		1

Consolidated statement of cash flows

(in EUR million)
			Jan. ‒ Mar. 2020			Jan. ‒ Mar. 2019
Net income		(18)			37
Depreciation/amortization		92			85
Unrealized net foreign exchange gain/loss		14			3
Other non-cash transactions		(1)			1
Income tax expense/income		(7)			13
Interest income and expenses		7			6
Change in inventories		(17)			10
Change in receivables and other assets		82			14
Change in trade payables and other liabilities		(148)			(84)
Result from disposal of non-current assets		0			0
Change in provisions for pensions		0			1
Change in other provisions		(26)			(20)
Income taxes paid		(46)			(32)
Cash flow from operating activities		(68)			33
Investments in property, plant and equipment		(14)			(23)
Investments in intangible assets		(4)			(7)
Acquisition of subsidiaries and other business entities
less cash and cash equivalents acquired		0			0
Cash receipts from disposal of property, plant and equipment
and intangible assets		0			0
Cash flow from investing activities		(17)			(30)
Dividends paid to equity holders of the parent company		0			0
Change in current financial liabilities		2			(20)
Cash receipts from non-current financial liabilities		117			28
Repayment of non-current financial liabilities		0			0
Repayment of lease liabilities		(57)			(56)
Interest paid		(7)			(6)
Interest received		0			0
Cash flow from financing activities		55			(53)
Change in cash and cash equivalents from changes in scope of consolidation		2			0
Exchange-rate related changes in cash and cash equivalents		(1)			3
Change in cash and cash equivalents		(30)			(48)
Cash and cash equivalents at the beginning of the period		133			147
Cash and cash equivalents at the end of the period			102	99

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Free cash flow

(in EUR million)
							Jan. ‒ Mar. 2020			Jan. ‒ Mar. 2019
Cash flow from operating activities						(68)			33
Cash flow from investing activities						(17)			(30)
Free cash flow						(86)			3
Number of own retail stores
			Freestanding
March 31, 2020		stores		Shop-in-shops		Outlets			TOTAL
Europe		211		315		71			597
Americas		91		84		50			225
Asia/Pacific		129		106		58			293
TOTAL		431		505		179			1,115
Dec. 31, 2019
Europe		203		311		70			584
Americas		94		84		50			228
Asia/Pacific		134		109		58			301
TOTAL			431		504		178	1,113

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