Adidas postpones its 2020 Annual General Meeting

Adidas

Global sports wear giant, Adidas has announced plans to postpone its annual general meeting in response to the Coronavirus outbreak. 

The event was organised to take place on 14 May in Bavaria, Germany.

With a growing number of retailers shutting stores and working remotely as a result of of the epidemic, Adidas said the health and safety of its employees, shareholders, consumers and partners continues to be its first prioity.

Adidas said: “This postponement will inevitably delay all resolutions from the AGM, including the resolution on the appropriation of retained earnings, which is a mandatory legal requirement for the payment of the proposed dividend of € 3.85 per share.”

“Despite the temporary challenges posed by the Coronavirus outbreak, the company remains fully confident about its future growth prospects thanks to its healthy fundamentals and its strong positioning within an attractive industry.”

The AGM will be postponed within the legally required time-frame.

The German sportswear brand has temporarily closed all Adidas and Reebok stores in Europe, North America and Canada until the end of March.

Recently, Adidas warned of a major fall in sales due to the Coronavirus outbreak in China.

In the last few week, shares in Adidas had already pummelled and were down 6.3% and 3.8%. The brand’s stock was at a one-year low.

The sportswear retailer, said it expected first-quarter sales to drop by up to €1 billion ($1.14 billion) in greater China and operating profit to decline by between €400 million and €500 million.