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June, 28, 2016

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Puma says 3rd quarter earnings take hit over heavy restructuring charges

FRANKFURT -- German sportswear giant Puma said Wednesday that earnings plummeted in the third quarter, tripped up by heavy restructuring charges.

Puma said in a statement it has booked a net profit of 12.2 million euros (US$15.8 million) in the period from July to September, a drop of 85.1 percent from the same period a year earlier.

Pretax profit plunged 81.7 percent to 21.3 million euros, despite a 6-percent increase in sales to 892.2 million euros.

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