By  on October 31, 2008

German sportswear firm Puma AG reported flat third-quarter net profits Friday, but defied the sluggish economy to raise its full-year sales forecast from single-digit to mid- to high-single-digit growth, buoyed by a 5 percent increase in the order books.

The Herzogenaurach-based company said net profits for the third quarter were 89 million euros, or $134 million, no change year-over-year, due to brand investments that increased at a double-digit rate, as in the previous two quarters. Earnings before interest and taxes, meanwhile, rose 1 percent to 125 million euros, or $188.3 million. Dollar figures are converted from euros at average exchange rates.

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