1. 1Q13 Results
Conference Call
April 23, 2013

2. DISCLAIMER
This presentation contains forward-looking statements regarding the
prospects of the business, estimates for operating and financial results, and
those regarding Cia. Hering's growth prospects. These are merely projections
and, as such, are based exclusively on the expectations of Cia. Hering
management concerning the future of the business and its continued access
to capital to fund the Company’s business Plan. Such forward-looking
statements depend, substantially, on changes in market conditions,
government regulations, competitive pressures, the performance of the
Brazilian economy and the industry, among other factors and risks disclosed
in Cia. Hering’s filed disclosure documents and are, therefore, subject to
change without prior notice.

3. AGENDA
Operating Performance
1Q13 Results
Outlook

4. 4
1Q13 OVERVIEW
Gross Revenues (R$ million)
EBITDA (R$ million and %)Distribution Network
R$ 288.8
R$ 31.3
R$ 22.0
R$ 335.8
R$ 34.9
R$ 22.8
+16.3%
R$ 35.9 R$ 43.7+21.7%
+11.6%
+3.8%
1Q12 1Q13
Foreign
Market R$ 5.5 R$ 7.5+35.2%
R$ 391.7 R$ 454.3+16.0%
Hering Store Network (Sell Out R$ million)
Channel 1Q12 1Q13
% Domestic
Market 1Q13
Multi-brand
Retail
16,577
clients
17,353
clients
49.1%
Franchises 459 stores 557 stores 40.0%
Webstore 3 stores 3 stores 1.3%
Own Stores 60 stores 65 stores 9.6%
244.2
273.4
+78 Stores -0.8%
1Q12 Expansion SSS 1Q13
+12.0%
90.0
102.2
27.5%
26.9%
13.6%
1Q12 1Q13
EBITDA EBITDA Margin

5. 5
1Q13 HERING CAMPAINGS
AutumnVacation / Sale
 Weak SSS in January and February
 Low product offering on promotional season
 Low inventory in the stores
 SSS acceleration in March
 Increase in average price
 Good performance of women’s fashion category

6. AGENDA
Operating Performance
1Q13 Results
Outlook

7. 7
SALES PERFORMANCE
In 1Q13, Gross Revenues reached R$ 454.3 million (+16.0%) with growth
acceleration in both franchises and multi-brand retail channels.
Gross Revenues per Brand (R$ million) Gross Revenes per Channel (R$ million)
288.8
335.8
35.9
43.7
31.3
34.9
22.0
22.8
1Q12 1Q13
Hering Hering Kids PUC dzarm.
11.6%
3.8%
16.3%
21.7%
195.4 214.8
136.9
174.7
3.6
5.5
42.0
42.2
1Q12 1Q13
Retail Franchise Webstore Owned Stores
51.5%
0.4%
9.9%
27.7%

8. 8
GROSS PROFIT AND EBITDA
1.7 p.p. gross margin contraction as a function of: reduction of the fiscal incentives
over imports, (ii) higher cost pressure, (iii) reduction in the mix of own stores in the
Comapany´s sales and (iv) accounting of the INSS under the “Brasil Maior Law”.
151.9
170.1
12.0%
46.5%
44.8%
47.8%
45.9%
1Q13 1Q13
Gross Profit Gross Margin Cash Gross Margin
90.0
102.2
27.5% 26.9%
13.6%
1Q12 1Q13
EBITDA EBITDA Margin
Gross Profit and Gross Margin EBITDA and EBITDA Margin

9. 9
NET INCOME AND CAPEX
-1.2% decrease in Net Income, as a result of operating performance reflected in
EBITDA, lower financial result, and higher income tax and social contribution
charges due to lower fiscal grants.
Net Income (R$ million) Capex (R$ million)
70.2 69.4
21.5%
18.3%
-1.2%
1Q13 1Q13
Net Income Net Margin
2.3
1.4
3.8 5.6
0.6
0.20.7
1.37.4
8.515.0%
1Q12 1Q13
Industry IT Other Stores

10. 10
CASH FLOW
Loss of R$ 13.6 million in free cash flow in 1Q13, mainly due to EBITDA growth
and higher necessity of investments and working capital.
* Dividend distribution: R$ 119.9 million have been destined to a proposed account to be distributed upon General Shareholders’
Meeting approval, on 04/25/2013..
Cash Flow - Consolidated (R$ thousand) 1Q12 1Q13 Chg.
EBITDA 89,975 102,211 12,236
Non cash items 946 1,038 92
Current Income tax and Social Contribution (19,220) (30,417) (11,197)
Working Capital Investment (14,643) (28,297) (13,654)
Decrease in trade accounts receivable 44,090 21,890 (22,200)
Decrease (increase) in inventories (24,618) (30,323) (5,705)
Increase (decrease) in accounts payable to suppliers 4,857 (2,309) (7,166)
Increase (decrease) in taxes payable (33,681) (19,512) 14,169
Others (5,291) 1,957 7,248
CapEx (7,373) (8,478) (1,105)
Free Cash Flow 49,685 36,057 (13,628)

11. AGENDA
Operating Performance
1Q13 Results
Outlook

12. 12
OUTLOOK
 Positive signs of growth
 Sales acceleration in 1Q13, favorable climate and good performance of the winter showroom.
 Hering and Hering Kids as the main growth avenue
 Guidance of 77 new Hering Stores e 30 Hering Kids in the year
 Resumption of normalized SSS as of March.
 Average price increase mainly through product mix improvement
 Gain of share in the multi-brand retail channel through qualification strategy
 Continuation of campaings and improvements in further exploring the webstores’ potential
 EBITDA Margin maintenance due to reduction in the fiscal incentives over imports and
normalization of the Profit Sharing Program

13. INVESTOR RELATIONS TEAM
Fabio Hering – CEO
Frederico Oldani – CFO and IRO
Patrícia Salem – IR Manager
Daniel Popovich – IR Analyst
Tel. +55 (11) 3371-4867
E-mail: ri@hering.com.br
Website: www.ciahering.com.br/ri