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ADIDAS AG

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Delayed Xetra  -  11:41 2022-06-28 am EDT
170.32 EUR   -0.91%
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Adidas Says It Hasn't Found Xinjiang Cotton in Products

05/12/2022 | 10:09am EDT

By Ulrike Dauer

Adidas AG has found no evidence of cotton from the Chinese autonomous region of Xinjiang in its products, the company's Chief Financial Officer said Thursday.

Evaluations of certificates and delivery documents hadn't confirmed allegations made in media reports, CFO Harm Ohlmeyer said at the sportswear manufacturer's annual general meeting.

According to a TV report, isotope analysis by German research lab Agroisolab and Niederrhein University identified cotton from Xinjiang in clothing from Adidas.

"The cotton of the products shown in the TV report, in our evaluation, was source by our suppliers from Brazil, India and the U.S.," Ohlmeyer said.

Adidas "ensures fair and safe working conditions for workers within its supply chains through a variety of measures," Ohlmeyer said.

Adidas and other Western manufacturers no longer source cotton from Xinjiang, where activists and some governments allege that forced labor is used. The decision kicked off a boycott of Western clothing and sports goods by Chinese consumers, starting March 2021.

U.S. President Biden in December signed into law the Uyghur Forced Labor Prevention Act to ensure that goods made with forced labor in Xinjiang don't enter the U.S. market. China denies using forced labor.


Write to Ulrike Dauer at ulrike.dauer@wsj.com


(END) Dow Jones Newswires

05-12-22 1008ET

Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG -0.91% 170.32 Delayed Quote.-32.72%
EURO / BRAZILIAN REAL (EUR/BRL) 0.24% 5.5415 Delayed Quote.-12.46%
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Financials
Sales 2022 23 999 M 25 259 M 25 259 M
Net income 2022 1 781 M 1 874 M 1 874 M
Net cash 2022 415 M 437 M 437 M
P/E ratio 2022 17,9x
Yield 2022 2,14%
Capitalization 31 162 M 32 799 M 32 799 M
EV / Sales 2022 1,28x
EV / Sales 2023 1,17x
Nbr of Employees 53 870
Free-Float 92,1%
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Mean consensus OUTPERFORM
Number of Analysts 33
Last Close Price 170,32 €
Average target price 253,36 €
Spread / Average Target 48,8%
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Managers and Directors
Kasper Bo R°rsted Chairman-Management Board & CEO
Harm Ohlmeyer Senior Vice President-Brand Finance
Thomas Hermann Rabe Chairman-Supervisory Board
Andreas Hubert Group Chief Information Officer
Martin Shankland Head-Global Operations
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