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FRANKFURT, Germany (AP) - Puma AG, the sports apparel and shoe maker that has lagged behind rivals Adidas-Salomon AG and Nike Inc., said Friday its third-quarter profit rose 11 percent as demand for its sports shoes surged in the United States. It also raised its earnings outlook for the full year.
The Herzogenaurach, Germany-based company earned 91.9 million euros ($110.6 million), or 5.70 euros ($6.86) a share, in the quarter ended Sept. 30, compared with 82.4 million euros, or 5.14 euros a share, in the year-ago period. That beat analysts' estimates of a profit of 89.4 million euros ($107.7 million).
Puma's sales during the third quarter rose 16.4 percent to 536.4 million euros ($645.9 million), with U.S. and European markets leading the push, and up from 460.9 million euros last year.
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