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. 2000 2001 2002 2003 2004 USA sales (million $) 0 100 200 300 400 +24.0% +24.2% +61.0% +42.4% +20.6% 22 2000 2001 2002 2003 2004 Europe sales (million €) 200 400 600 800 1,000 1,200 +18.5% +38.4% +58.7% +34.3% +17.6% Foreword | Mission |  Management Report  | Share | Marketing | Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management Regional Development 