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 plunged on Thursday morning, after the German sportswear company reported disappointing earnings and downgraded its profitability targets.

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.

By Helen Reid (Reuters) -Puma shares sank 21% on Thursday 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 against bigger rivals Adidas and Nike.

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,