By  on May 11, 2009

The cost of restructuring took a big bite out of Puma AG’s first-quarter profits, but currency fluctuations worked in the activewear company’s favor as it generated an increase in revenues.

The firm, owned by PPR and based in Herzogenaurach, Germany, reported Friday its net income for the three months ended March 31 fell 93.8 percent to 5.6 million euros, or $7.3 million, from 90.1 million euros, or $135.2 million, during the comparable 2007 period. The more recent quarter includes 110 million euros, or $143.9 million, in pretax restructuring charges. Earnings came to 0.37 euros, or 48 cents, a diluted share versus 5.76 euros, or $8.64, in last year’s quarter.

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