Puma (PUMG.DE) shares fell by 16 per cent as the market opened on Thursday after the German sportswear brand reported lower than expected fourth-quarter sales and a decline in annual profit.
The weak results late on Wednesday came after rival Adidas reported strong sales and profitability, highlighting the work Puma still faces to boost its brand, JP Morgan analysts said.
Puma sales were down 16.5 per cent at 34.90 euros
