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.

European stocks opened with a mixed picture on Thursday, after positive momentum was seen throughout the week. The pan-European Stoxx 600 was flat at 8:34 a.m. London time, the FTSE 100 was 0.05% in the green,

(Reuters) -Puma shares fell by 16% 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,