Shares in Puma dropped 15% as the market opened on Thursday after the German sportswear brand reported lower than expected fourth-quarter sales and a decline in annual profit.

Puma shares fell 18 per cent after reporting lower-than-expected Q4 sales and a dip in annual profit, raising concerns about its competitiveness with Adidas and Nike. The disappointment follows Adidas' strong performance.

Puma lost a fifth of its market value today after the German sportswear brand reported lower than expected fourth-quarter sales and a drop in annual profit, raising questions about its ability to compete with bigger rivals Adidas and Nike.