Americas

In the Americas sales in the Group’s reporting currency increased by 3% year on year to EUR 587 million (2013: EUR 570 million). In local currencies, this corresponds to sales growth of 4%.

Wholesale development offset by growth in the Group’s own retail business

In fiscal year 2014, sales in the Group’s own retail business rose by 11%, reaching EUR 326 million (2013: EUR 293 million). This is equivalent to an increase of 13% adjusted for currency effects. Spurred by the continued expansion in this channel, all the region’s markets contributed to this development with double-digit sales growth. Sales of EUR 261 million were generated in the wholesale channel in the same period (2013: EUR 277 million). Accordingly, sales in this distribution channel decreased by 6% in the Group currency and by 5% in local currencies. In the United States in particular, the takeovers of selling space previously managed by wholesale partners completed in fiscal year 2013 resulted in a shift in sales from wholesale business to the Group’s own retail business.

Currency-adjusted U.S. sales up 4%

In the U.S., sales increased in both local currencies and the reporting currency by 4%, totaling EUR 463 million at the end of the twelve months (2013: EUR 447 million). The double-digit growth in sales in the Group’s own retail business more than made up for the decline in the wholesale business. Sales in Canada in the Group’s reporting currency totaled EUR 67 million, down 3% year on year (2013: EUR 68 million). Supported by the trend in the Group’s own retail business, however, sales increased by 5% in the local currency in this market also. In Central and South America, sales increased by 5% in the reporting currency to EUR 57 million (2013: EUR 55 million). Despite the slowdown in economic growth in the region, it was possible to generate sales growth adjusted for currency effects of 10%.

Profit development Americas

Segment profit for the Americas slightly short of prior-year level

The segment profit for the Americas came to EUR 151 million, 1% down on the prior-year level (2013: EUR 152 million). The improved gross profit margin was offset by an increase in selling and marketing expenses due to expansion of the Group’s own retail activities. The adjusted EBITDA margin for the region, at 25.8%, was 90 basis points below that of the prior year (2013: 26.7%).