Our key region North America is stronger than ever, so that we have raised our group sales and earnings expectations for the year,

Our retail sales were strong again in March and we exceeded our expectations despite another substantial reduction in daily rental fleet volume. We continue to exceed our year ago retail levels, our share continues to stabilize and our inventories remain lean.

Sales have not necessarily lived up to everyone's expectations since launch.

The results for the half-year exceeded our expectations. We made $12 million of new sales in the region and the outlook for the next half is equally positive.

Sales decelerated in Europe and Asia, futures excluding currency were below expectations, and currency took a big bite out of futures.

By combining two of the most respected and well-known brands in the worldwide sporting goods industry, the new group will benefit from a more competitive platform.