Q1 revenues were up 6.5% in euros but down 5.4% at constant exchange rates. Retail sales were up 7.4% reported and down 5.1% at constant exchange rates. Performance varied greatly from one geographical area to another with growth achieved in Europe (increased tourist flows following the depreciation of the euro) while Asia continued to posted a sharp decline, down 17.2% (decrease in local consumption and tourist flows, especially in Hong Kong and Macau). The gross margin declined from 74% to ....