Shares in Puma dropped 11% in pre-market trading on Thursday after the German sportswear maker late on Wednesday said it was dissatisfied with a decline in earnings last year, also announcing a cost-cutting programme. The firm said net profit came in at 282 million euros ($293 million) for the year, compared to 305 million euros in 2023, but its CEO Arne Freundt said he expects stronger sales growth in 2025 than last year.