Adidas reports stagnant profit

Adidas AG, the world's second-largest sporting-goods maker, reported stagnant third-quarter profit on lower taxes and higher financial costs and kept forecasts for this year's earnings and sales.

Adidas fell as much as 8.4 percent, the most in three weeks, in Frankfurt trading after withdrawing its predictions for 2009, citing the "uncertain" world economic outlook. Net income was 302 million euros the Herzogenaurach, Germany-based company said yesterday in a statement, below the 320.5 million-euro average of five analysts' estimates compiled by Bloomberg.

"Insecurity is rising, as Adidas didn't give clear guidance for 2009 due to market turbulence," said Alexander Schlipf, an analyst at Bankhaus Metzler in Frankfurt. He advises buying the stock in the shoemaker, known for its three-stripes logo.