(Reuters) – Shares in Puma fell 8.4% on Thursday after analysts said the sportswear company’s third-quarter earnings might fall short of market expectations.

Analysts at brokerage Stifel said Puma’s third-quarter earnings before interest and tax might decline by a low double-digit rate compared with last year, a worse performance than consensus expectations for a 6% decline.

Puma said it was fully on track to achieve its full-year guidance, while declining to comment on its share price movement.

Adidas (OTC:ADDYY) shares fell by 2.7%.

RBC analysts said the top end of Puma’s full-year 2023 guidance may be out of reach, and the likelihood of a guidance raise for the full year had diminished.

Puma is set to report its third-quarter results on October 24, and Adidas on November 8.