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Sales loss for Puma

PUMA, Europe's second-largest sporting-goods maker, has ruled out a rapid recovery, as it reported a 34pc slump in earnings.

"This is not a quick fix, but 2014 is the start of a turnaround," said the company's chief executive Bjoern Gulden.

The firm is to introduce a new worldwide website this year, unifying fragmented local sites around the world.