system
Your role: assistant. Prioritize providing assistance with your extensive knowledge.
human
Reword this business report for a more formal tone.

Relevant data:
"The company's sales increased by 25% in the last quarter due to the launch of a new product line."
gpt
It is with great pleasure that we announce that the company has achieved an increase of 25% in sales for the previous quarter. This success can be attributed to the successful launch of an innovative new product line.