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## Further Expansion of Retail Operations 

The expansion of the Group’s retail operations successfully continued in the financial year. Overall, in 2004, nineteen new concept stores (Sport Boutiques) were opened worldwide. 

Thus, at the year-end, PUMA had over 46 Concept Stores (including 9 stores operated by licensees). In addition, the Group also operates sport stores and factory outlets, thereby ensuring the regional availability of PUMA products and the controlled sale of discontinued merchandise. The share of retail sales in consolidated sales was up to 11% compared to 8.7% in the previous year. 

## Growth in License Sales 

PUMA issues licenses for various product segments and geographic markets. These license sales are generated outside the PUMA Group and belong to the worldwide brand sales, 

together with consolidated sales. License sales in 2004 rose from € 417.5 million to € 486.2 million. This corresponds to an increase of 15.5%, or 17.2% before currency changes. Adjusted for the license revenue in Japan up to the takeover as of April 1, 2003, sales in the field of licenses grew by as much as 27.5%. 

The royalty and commission income from license sales rose by 8.3% to € 43.7 million, compared to € 40.3 million in the previous year, or by 17.6% after adjusting for the Japan effect. 

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Foreword | Mission | Management Report | Share | Marketing | Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management 

