Sales Performance by Region for the Fourth Quarter of 2003
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For the fourth quarter of 2003, local currency sales in Asia Pacific increased 3 percent, resulting in a 12 percent increase in reported dollar sales. Local currency fragrance sales increased 8 percent in comparison to the prior year quarter, resulting in a 15 percent increase in reported dollars; this strong performance reflects improving economic conditions in the region and the benefit of significant new fragrance wins. Local currency flavour sales increased 1 percent, resulting in a 10 percent increase in reported dollars. For the region, Indonesia and Thailand were strongest, each achieving double digit growth with Greater China and South Korea each reaching high single digit growth; this growth was partially offset by continued weakness in Japan, where local currency sales declined 10 percent in comparison to the 2002 fourth quarter.