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

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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.

And while Puma shares may appear cheap, trading at about 13 times blended forward earnings versus Adidas's 33 times, some investors -- such as Swetha Ramachandran, a fund manager at Artemis Investment Management -- aren't anticipating any imminent shift.

"Trends in footwear tend to follow multi-year cycles, so it is likely Adidas still has further room to run," she said. "If Puma's innovation cycle proves successful, it could also see an uplift but remains more of a wait-and-see."

(Updates with valuation multiples and new quote in the last two paragraphs.)