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14.08.2019 - 20:18:06

TOM TAILOR Group publishes preliminary results for the second quarter 2019

PRESS RELEASETOM TAILOR Group publishes preliminary results for the second quarter 2019

- TOM TAILOR brand growth in Q2 2019 remains stronger than the market overall

- Growth in all channels; own TOM TAILOR E-Shop up by 26 percent

- Q2 2019 performance for TOM TAILOR Group marked by one-off expenses, takeover process, ongoing financing negotiations and BONITA

- Further decline in turnover for BONITA

- Bridge financing extended to September 2019

Hamburg, 14 August 2019. According to the preliminary results, turnover for the TOM TAILOR brand in the second quarter of 2019 was up 3.7 percent to EUR 145.1 million (Q2 2018: EUR 139.9 million). The TOM TAILOR brand thus once again demonstrated stronger growth than the German fashion market, which contracted by more than two percent on average between April and June. Both the wholesale area and its own store-based TOM TAILOR Retail contributed to this growth result. The strongest growth in turnover, with an increase of 26 percent, came from the own TOM TAILOR E-Shop. The preliminary gross profit for the TOM TAILOR brand in the second quarter of 2019 fell slightly, from EUR 83.8 million to EUR 82.8 million. This was attributable to a stronger dollar compared to the same period last year, and more promotional activity. The gross profit margin was 57.0 percent (Q2 2018: 59.9 %). EBITDA was strongly impacted by one-off expenses associated with the ongoing financing negotiations and store closures and came to EUR 6.3 million prior to the first-time application of IFRS 16. This represented a decline compared to the previous year (Q2 2018: EUR 12.4 million). In additon, HR and IT expenses were also higher, due to targeted investment in the areas of IT and Data Analytics, and higher costs for logistics services. Based on the preliminary results, the EBITDA margin came to 4.4 percent (Q2 2018: 8.9 %).

Increased turnover for TOM TAILOR Wholesale, Retail and own E-Shop The Wholesale segment made gains once again in the second quarter of 2019, growing by 2.5 percent to reach EUR 72.0 million, compared to EUR 70.3 million the previous year. Gross profit declined by 4.1 percent, from EUR 38.4 million in the same quarter last year to EUR 36.9 million. The resulting gross profit margin was 51.2 percent (Q2 2018: 54.7 %). Turnover in the Retail segment also increased in the second quarter of 2019. Sales revenues grew by EUR 3.5 million (5.0 percent) to EUR 73.1 million (Q2 2018: EUR 69.6 million). Gross profit was slightly above the previous year at EUR 45.9 million (Q2 2018: EUR 45.4 million). This represents a gross profit margin of 62.8 percent compared to 65.2 percent in the previous year. The own TOM TAILOR E-Shop achieved turnover growth of 26.2 percent, while also improving its EBITDA margin. This growth was driven mainly by targeted marketing and better performance overall by the own online shop.

"The TOM TAILOR brand maintained its dynamic growth in the second quarter of 2019, and once again acquitted itself well in a challenging market environment," says Dr Heiko Schäfer, CEO of the TOM TAILOR Group. "We also want to drive this trend forward in the second half of the year by consistently implementing our three-year plan."

Decline in turnover and profit for BONITA According to the preliminary results, the BONITA business division achieved turnover of EUR 49.9 million in the second quarter of 2019, compared to EUR 69.6 million in the same period in the previous year. Gross profit was EUR 33.8 million (Q2 2018: EUR 50.4 million), with a gross profit margin of 67.7 percent (Q2 2018: 72.4 percent). EBITDA declined from EUR 10.3 million to minus EUR 1.9 million, and the EBITDA margin fell correspondingly, from 14.8 percent in the previous year's quarter to minus 3.6 percent in the second quarter 2019.

One-off expenses and negotiations impact TOM TAILOR Group in Q2 For the TOM TAILOR Group, the second quarter of 2019 was marked by high one-off expenses for the ongoing financing negotiations, the closure of unprofitable stores and the takeover process by Fosun International Limited between April and June. Now that the takeover process is complete, Fosun Group has a 77 percent shareholding in the TOM TAILOR Group.

Overall, the TOM TAILOR Group ended the second quarter 2019 with turnover of EUR 195.1 million, compared to EUR 209.5 million in the same period in the previous year. Gross profit fell to EUR 116.6 million (Q2 2018: EUR 134.2 million), with a gross profit margin of 59.8 percent compared to 64.1 percent in the previous year. The decline in both turnover and gross profit can be attributed mainly to the performance of BONITA. EBITDA declined significantly in the second quarter of 2019, from EUR 22.7 million to EUR 4.5 million. The EBITDA margin fell as a consequence from 10.8 to 2.3 percent.

Bridge financing extended to September The agreement with the consortium banks and TOM TAILOR Holding SE on bridge financing has been extended until mid-September 2019 to enable the independent business review (IBR) to be finalised and allow time to achieve a common position on the final financing structure and the contributions by the various parties. The short-term loan by Fosun is also being extended.

"The consortium banks and Fosun are continuing their constructive talks about a definitive financing structure, in order to achieve a satisfactory solution for all shareholders and the consortium banks," says Thomas Dressendörfer, CFO of the TOM TAILOR Group.

Once the negotiations are completed, the full annual financial statements for 2018, the Quarterly Statement for the first quarter of 2019 and the Half-Year Report for 2019 will be published. The exact date will be communicated via the company website in due course.  

KEY FIGURES in EUR million (preliminary and unaudited)1 Q2 2019 Q2 2018 Change in % HY1 2019 HY1 2018 Change in %               TOM TAILOR Brand             Sales 145.1 139.9 3.7 283.1 277.8 1.9 Gross profit 82.8 83.8 -1.3 159.6 159.1 0.3 Gross profit margin in % 57.0 59.9   56.4 57.3   EBITDA2 6.3 12.4 -48.9 9.0 24.1 -62.7 EBITDA margin in %2 4.4 8.9   3.2 8.7                 TOM TAILOR Wholesale             Sales 72.0 70.3 2.4 150.9 151.1 -0.1 Gross profit 36.9 38.4 -4.1 80.4 81.2 -1.0 Gross profit margin in % 51.2 54.7   53.3 53.8                 TOM TAILOR Retail             Sales 73.1 69.6 5.0 132.2 126.8 4.3 Gross profit 45.9 45.4 1.1 79.1 77.9 1.6 Gross profit margin in % 62.8 65.2   59.9 61.4                 BONITA             Sales 49.9 69.6 -28.3 90.5 121.4 -25.4 Gross profit 33.8 50.4 -32.9 58.7 83.8 -30.0 Gross profit margin in % 67.7 72.4   64.8 69.0   EBITDA2 -1.9 10.3 >100 -14.7 2.7 >-100 EBITDA margin in %2 3.8 14.7   -16.3 2.2                 TOM TAILOR Group             Sales 195.1 209.5 -6.9 373.6 399.3 -6.4 Gross profit 116.6 134.2 -13.1 218.3 242.9 -10.2 Gross profit margin in % 59.8 64.1   58.4 60.8   EBITDA2 4.4 22.7 -80.4 -5.7 26.8 >-100 EBITDA margin in %2 2.3 10.8   -1.5 6.7  

1 Potential differences due to rounding2 Prior to IFRS 16

About TOM TAILOR Group TOM TAILOR Group is an international, vertically integrated fashion company focused on casual wear in the medium price segment. The product portfolio is complemented by an extensive range of fashionable accessories. With its brands, the company covers the various core segments of the fashion market. The TOM TAILOR brand is marketed through the retail and wholesale segments, and thus through single-label stores as well as wholesale partners. These include 454 TOM TAILOR stores and 185 franchise stores, 2,541 shop-in-shops and 7,393 multi-label points of sale. The brand is present in more than 32 countries. The BONITA brand has 727 retail stores and 80 shop-in-shop spaces. The collections of both brands are also available through their respective online shops.

Information is also available at www.tom-tailor-group.com

Media contact Harriet Weiler Head of Corporate Communications TOM TAILOR Group Telefon: +49 (0) 40 58956-168 E-Mail: harriet.weiler@tom-tailor.com

Investor contact Viona Brandt Head of Investor Relations TOM TAILOR Group Telefon: +49 (0) 40 58956-449 E-Mail: viona.brandt@tom-tailor.com


14.08.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: TOM TAILOR Holding SE Garstedter Weg 14 22453 Hamburg

Germany Phone: +49 (0) 40 589 56 0 Fax: +49 (0) 40 589 56 199 E-mail: info@tom-tailor.com Internet: www.tom-tailor-group.com ISIN: DE000A0STST2 WKN: A0STST Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Hanover, Munich, Stuttgart, Tradegate Exchange EQS News ID: 857937   End of News DGAP News Service

857937  14.08.2019 

@ dgap.de