(Reuters) -Shares in Puma (OTC: PMMAF ) 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.

The weak results late on Wednesday came after rival Adidas (OTC: ADDYY ) reported strong sales and profitability, highlighting the work Puma still faces to boost its brand, JP Morgan analysts said.

Puma's fourth-quarter sales grew 9.8% in currency-adjusted terms, against the 12% growth expected by analysts. Net profit last year was 282 million euros ($293 million), down from 305 million euros in 2023.

The company is scheduled to provide more detailed guidance when it publishes its full-year report on March 12.

($1 = 0.9610 euros)