Shares in sporting wear group Puma crashed more than 20% as the German clothing firm saw annual profits fall while undershooting the sales growth target in the market by some distance.
Puma shares were down 22% near the close of trading in Frankfurt and on course for their worst-ever day as a listed entity.
It was harsh punishment for results that saw fourth-quarter sales rise by 9.8% and annual net profits drop to €282 million from €305 million, but sales had been expected to rise by 12%.
Analysts had little sympathy especially as Puma’s update followed better-than-expected results from archrival Adidas, which is still recovering from its disastrous partnership with Kayne West.
"If Puma is not really taking market share, at a time when its biggest competitor is weak, this will make investors question what the competitive advantage of Puma is," said Deutsche Bank Research analyst Adam Cochrane.
Shares in Puma tumbled €9.31 to €32.48.