Share prices for Nike dropped after the company reported their first drop in profits in three years on lower European shoe sales and an unfavorable contract ruling. Nike, the world’s largest athletic brand, said that fourth-quarter profit fell 4.8% as European shoe sales slipped.

Nike have announced that they are introducing less expensive, thin-soled casual sneakers in Europe after shoppers spurned their higher-priced models and turned to rivals such as Puma.

Nike’s stock has fallen 8.6% in the past year, compared with a 2.9% gain by Adidas, the world’s second largest sports goods manufacturer.