FRANKFURT (Reuters) - Germany's Puma missed expectations with a 5 percent fall in first-quarter earnings, as the group was hit by wariness among European consumers and struggled to exploit demand for western brands in China and lightweight sneakers in the United States.
Along with larger rivals Nike and Adidas, Puma had enjoyed a strong end to 2011 and analysts said they were surprised by the results, with sales, margins and profits all missing average forecasts.
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