Puma SE shares had their biggest intraday drop in more than three years after the sportswear company’s comments on a call with analysts spurred worries about sales.

The shares fell as much as 12 percent in Frankfurt, the most since the Covid-driven market rout of March 2020, as Puma held a pre-’blackout period’ discussion with analysts ahead of results that are due to be published on Oct. 24.

Piral Dadhania, an analyst at RBC Capital Markets, warned that the top end of Puma’s prior earnings guidance for 2023 “may be out of reach.” Dadhania expects North America revenue to be down 10 percent in Puma’s fiscal third-quarter, year-on-year, while growth in Europe has moderated, he warned.

“We do not comment on share price movements, but we are fully on track to achieve our full-year guidance,” a Puma spokesperson said by email.

The comments also hit apparel firms Adidas AG and Hugo Boss AG, which fell 3.5 percent and 2.0 percent, respectively. UK sneaker retailer JD Sports Fashion Plc fell 2.8 percent.

Puma was down 11 percent to 53.24 euros a share in late trading.

By Joe Easton

Learn more:

Why Puma Sees a Future in Virtual Products, Despite the NFT Bust

Despite some early bumps, the sneaker brand sees long-term opportunities in virtual goods and experiences.