The gulf in performance between Adidas AG and Puma SE shares since Bjorn Gulden hopped between the German sportswear makers just got even wider.

Shares in Puma plunged on Thursday after the Herzogenaurach, Bavaria-based company reported disappointing fourth-quarter earnings and pushed back profitability targets. That took its drop to almost 40% since its former chief executive officer Gulden took the reins at its cross-town rival about two years ago, with Adidas shares more than doubling in the same period.

Adidas reported better-than-expected preliminary results on Wednesday, amid the sustained boom in demand for retro sneakers. The broad-based strength provided a stark contrast to Puma’s update, JPMorgan analyst Olivia Townsend said in a note published on Thursday.

“This update makes Adidas’s delivery appear even stronger,” Townsend said, while also noting that brand momentum is a key differentiator between the two sportswear firms.