2020 Q1 Sales

Sales performance in line with expectations

• Q1 2020 sales down -16.7% as reported; -20.4% on an organic (1) basis
• Following good start to the year, Q1 sales impacted by Covid-19 in all regions from end of January
• China traffic and sales gradually improving since March, showing early signs of recovery
• Closure of 6 DOS (2) in Q1 20, driven by a slowdown of international store openings and the French network optimization plan
• Execution of action plans to mitigate the impact of crisis and protect cash position
• Good performance in e-commerce driven by China; teams mobilized to foster digital sales

(1) All references in this document to the organic sales performance refer to the performance of the Group at constant currency and scope”, i.e. excluding the acquisition of De Fursac
(2) Including De Fursac