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In 2012, revenues increased 19.3%, also excluding currency effects. In 2011, revenues grew 13.7%, but without acquisitions and currency effects, the adjusted growth rate was 10.8%. SG expenses, as a percentage of sales, consistently remained around 43%. RL currently only generates 13.1% of its revenues from Asia, so its May 2011 AsiaPacific Restructuring Plan and ECommerce Expansion has significant upside potential. However, I am still skeptical of the efficacy of RL's AsiaPacific Restructuring Plan since, despite the 46% increase of sales in 2012 in Asia, sales in Asia fell 6% in 2013. COH revenues, if 4Q2013 analyst revenue predictions are correct, will increase 6.1% in 2013. The previous year, sales, without currency effects, increased 13.6%, and in 2011, 13.3%. SG expenses also remained consistent, at 41%. The majority of sales (89%) are made in Hong Kong, Macau, mainland China, Singapore, Taiwan, and through the internet. Since COH already operates in highergrowth markets, expansion would need to be made in lessattractive emerging markets. Along with slowing topline growth, COH may find it difficult to increase sales.
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