Foreword | Mission |  Management Report  | Share | Marketing | Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management 18 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.  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%. 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, Growth in License Sales 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. 2000 2001 2002 2003 2004 Retail sales (million €) % of total sales Retail sales 0 0% 50 3% 100 6% 150 9% 200 12% 2000 2001 2002 2003 2004 License sales, Royalty in % (million €) Royalty in % License sales 0 0% 100 2% 200 4% 300 6% 400 8% 500 10% 600 12%