Europe, Middle East and Africa

Full-year revenue in Europe was flat, with favorable currencies being offset by negative volumes and price/mix. There were positive developments in some countries, most notably the UK and the Netherlands. The economic environment was challenging, especially in some markets in continental and Eastern Europe, including Russia and Turkey. The sale of the German stores in 2014 had an adverse impact on price/mix during the first quarter of the year. Various operational efficiency improvement programs, including the new operating model in Europe, led to a lower cost base.

In Q4, revenue in Europe was up 4 percent. Positive volumes and currencies were partially offset by negative price/mix. Positive developments in the UK and the Netherlands continued.