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Mark Smith
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PIA tracks “leaders” and “challengers” in terms of their profits. Davis says the association found that the challengers experienced three years of losses from 2002-2004 (-1.3, -0.7 and -0.7 percent, respectively), whereas the leaders continued to grow their sales at enviable rates—8.0, 8.4 and 8.7 percent. Those rates were down from the 10.5 percent increase in 2001.
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