While this increased revenue, it weighed on Puma’s profit margin. The company is aiming to boost its margin through cost cutting, which it said would include reallocating staff to “strategic growth areas” such as marketing, while keeping the total headcount “stable”.

Puma (PUMG.DE) shares fell by 16 per cent 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,