BOGART: 2022 ANNUAL REVENUE AT EUR 293.0 M (+19.2%) – UPDATE ON THE SITUATION OF THE RETAIL ACTIVITY IN FRANCE AND ON THE OUTLOOK FOR 2022 RESULTS – 02/02/2023 at 6:00 p.m.

PRESS RELEASE

Paris, February 2, 2023

BOGART (Euronext Paris – Compartment B – FR0012872141 – JBOG), specializing in the creation, manufacture and marketing of perfumes and luxury cosmetics, publishes double-digit growth in turnover (+12.4%) at 4

^th

quarter of 2022. The division

Bogart Fragrances and Cosmetics

continued its good momentum, driven by the success of the launches of its flagship brands at the end of the year. The pole

Bogart Beauty Retail

displays a 4

^th

quarter of 2022 growth thanks to the effects of the expansion of the scope (Fann stores over a full year) and the dynamism of certain countries (in particular in Belgium (Di brand) and in Israel) which offset the decline in activity in France at the end of the year. In the end, BOGART’s turnover in 2022 amounts to €293.0 million (+19.2%). However, as announced, the Group recorded a decline in the profitability of its network of stores in France, which will have an impact on the results for the 2022 financial year. Reorganization measures have been taken quickly on this network and are currently under discussion. with employee representative organizations.

+12.4% growth in revenue in 4

^th

quarter

Bogart publishes consolidated revenue of €94.6 million for the 4

^th

quarter of 2022, up +12.4% compared to the 4

^th

quarter of 2021. At scope (excluding integration of the Nocibé and Fann stores

[2]

) and constant exchange rates, growth was +7.6%.

The activity

Bogart Fragrances & Cosmetics

was dynamic on the 4

^th

quarter of 2022, driven in particular by the success of the new launches of the flagship brands Carven (women’s fragrance), Jacques Bogart (men’s fragrance) and Ted Lapidus (women’s fragrance) in the United States, Latin America and the Middle East and by a currency effect positive. Thus, this pole displays at 4

^th

quarter 2022 revenue of €18.0 million, up +15.4% (+8.1% at constant exchange rates).

Over the whole of 2022, the division’s revenue

Bogart Fragrances & Cosmetics

reached a record at €55.1 million, i.e. +27.8% (+22% at constant exchange rates).

The activity

Bogart Beauty Retail

amounted to €76.6 million on 4

^th

quarter of 2022 compared to €68.6 million in the 4

^th

quarter of 2021, up +11.7%, taking into account the takeover of the company Fann in Slovakia at the beginning of the 2022 financial year. At constant scope, the growth of this division is +5.8% (+7, 5% at constant scope and exchange rates). The dynamic activity in certain countries (in particular in Belgium (Di brand) and Israel), particularly during the end-of-year celebrations, offset the decline in store sales in France (down -6, 6% between 4

^th

quarter of 2021 and the 4

^th

quarter 2022).

Over the whole of 2022, the turnover of the

Bogart Beauty Retail division is

up +17.3%, taking into account the full effects of the expansion of its scope (+4.0% at constant scope) and a positive exchange rate effect. At constant scope and exchange rates, growth was +2.8%.

At the end of this 2022 financial year, the Group’s turnover amounted to €293.0 million, up +19.2% compared to the 2021 financial year (+6.4% at constant scope and exchange rates ).

Update on the situation of retail activity in France

In its press release of January 19, 2023, BOGART announced the measures taken by April France, its subsidiary, following the decline in activity and profitability observed in its network of stores in France linked both to the general economic context (inflation, purchasing power, war in Ukraine), the increase in charges (energy prices, covid rents payable by the tenant) and the expansion of its network (integration of Nocibé stores).

A second meeting was held on January 30, 2023 with employee representatives relating to the April France reorganization project. For the record, this project provides for the potential closure of 17 stores (out of 67 points of sale) which could lead to the elimination of 50 jobs as part of a Job Protection Plan (PSE). Future exchange meetings will continue with the Social and Economic Committee (CSE) and all the staff representatives organizing the terms of the PSE.

Impact on Group results 2022

The decline in the profitability of the activity

Bogart Beauty Retail

in France (decline in EBITDA of

Bogart Beauty Retail France

estimated at approximately €5 million before IFRS 16) will weigh on the Group’s results in 2022. Although Bogart’s 2022 EBITDA should be maintained, thanks to the accounting treatment of rents from new stores (IFRS 16 standard), current operating income is expected to decline significantly compared to 2021 but should nevertheless remain positive over the year (in 2021, it was €5.3 million).

Outlook 2023

At the start of the 2023 financial year, Bogart is confident about the continued growth of its perfume and cosmetics brands over the next financial year (activity “

Fragrances & Cosmetics

“).

At the same time, Bogart will be attentive to its fixed costs to limit the effects of inflation in its store network. In France, Bogart will continue its discussions with employee representative bodies for the implementation of its PSE project. The Group hopes that the negotiations will quickly lead to an agreement to enable the implementation of an efficient reorganization under the best conditions for the Group and its employees.

Next meeting

Bogart Group will publish its annual results on April 27, 2022 (after market)

Group website www.groupe-bogart.com

CONTACTS

BOGART

[email protected]

Such. : 01 53 77 55 55

FINANCE AND COMMUNICATION NEWS

Investor Relations

Anne-Pauline PETUREAUX

[email protected]

Such. : 01 53 67 36 72

Press relations

Manon CLAIRET

[email protected]

Such. : 01 53 67 36 73

[1]

Revenues from licenses and advertising re-invoices made to brands that are distributed in Bogart’s own networks.

[2]

38 Nocibé stores since October 2021 and 70 perfumeries of the Fann chain in Slovakia since January 2022

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