(Reuters) - 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.

Analyst at J.P. Morgan wrote in a note they anticipate "material downgrades" to consensus operating-earnings estimates.

Puma is scheduled to give more detailed guidance when it publishes its full-year report on March 12.

Shares are at the bottom of the German mid-cap index in pre-market.

($1 = 0.9610 euros)