As we can see in the table above, sales were flat in North America and slightly up in Europe, but declined in every other region. The growth pace that would justify the rich valuation can’t be achieved without a strong performance in the emerging markets. Performance in the Asia Pacific region was weak, with sales down 0.8% ( 4.2% in constant currency), even if the company declared that sales growth in some countries such as Japan, South Korea and India was actually positive.

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