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## Regional Development 

## Good Results in all Regions 

European sales were up significantly by 17.6%, climbing from € 852.3 million to € 1,002.2 million. Nearly all markets in the region developed very positively, reporting double-digit growth. Europe contributed a total of 65.5% of consol- 

idated sales. 

As expected, the strongest growth was achieved in Apparel, where sales rose by 26.6%. Footwear and Accessories also reported strong growth of 14.8% and 6.4%, respectively. The continued expansion of the Group’s own retail operations likewise had a positive effect on sales. 

Once again, profitability increased significantly in Europe. The gross profit margin climbed from 51.3% to a new high of 54.1% and the operating margin (EBIT) rose from 25.2% to 28.7%. Orders on hand reached a new high of € 567.4 million at the end of 2004. This corresponds to an increase of 9.4% compared to the previous year. 

Regional sales in America increased 18.7%, rising from € 255.0 million to € 302.6 million. In US dollars this is an increase of 29.6%. America contributed 19.8% of consolidated sales. All product segments contributed to this success. Currency-adjusted, Footwear increased 30.3% (19.2% in Euro), Apparel by 21.8% 

(11.5%) and Accessories by 86.1% (73%). Once again, significant new growth of 20.6% (in USD) was reported in the US market. Here, sales rose from USD 255.4 million to USD 307.9 million. 

America also achieved a significant increase in profitability. The gross profit margin climbed by 470 basis points, moving from 44.6% to 49.3%. The operating margin increased from 16.6% to 19.8%. Once again, the currency-adjusted orders volume increased 

43.4%, (19.4% in Euro) to € 137.1 million. Orders on hand for the US market grew by 34.2% to USD 160 million. 

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