JD Sports Fashion PLC

Latest Results (13.05.2026):

JD Sports Fashion PLC — Full year FY26 results (52 weeks to 31 January 2026) with a Q1 FY27 trading update (12 weeks to 25 April 2026). Group sales were £12,662m (+11.7% at constant FX; organic +2.1%), gross margin held at 47.0%, profit before tax and adjusting items (PBTAI) fell to £852m (FY25: £923m), adjusted EPS was 11.71p (down 5.5%), while free cash flow rose 36% to £462m. The Board proposed a 20% higher total dividend of 1.20p and launched a rolling £200m annual buyback; FY27 guidance: PBTAI £750m–£850m and free cash flow £460m–£520m.

Sales and margin

Total revenue £12,662m (+10.5% reported; +11.7% constant FX). Organic sales +2.1% (LFL -2.1%). Gross margin stable at 47.0% (underlying ~‑30bps price investments offset by higher marketing).

Profitability

Operating profit before adjusting items and after interest on lease liabilities £886m (operating margin 7.0%, down 120bps). PBTAI £852m (FY25: £923m). Statutory profit before tax £629m (down 12.0%). Adjusted basic EPS 11.71p; statutory basic EPS 8.63p.

Cash, debt and balance sheet

Operating cash flow net of lease repayments £1,309m. Free cash flow £462m (up £123m). Year-end net cash before lease liabilities £311m (FY25: £52m). IFRS16 net debt £2,827m; net leverage including lease liabilities 1.4x (1.9x including Genesis put option).

Capital allocation & shareholder returns

Board proposes final dividend 0.87p (total FY26 1.20p, +20%). Rolling annual share buyback programme £200m; first £100m tranche of the new £200m buyback started Feb 23, 2026. Gross capex guidance ~£400m for FY27.

Regional & channel performance

North America (38% of sales) improved through the year — organic +3.2% (LFL -1.8%) with Q4 LFL recovery and strong online growth. Europe organic +4.2% (LFL -1.2%). UK weaker: organic -2.5% (LFL down), Asia Pacific organic +8.5% and exiting the year with positive LFL momentum. Stores remain c.78% of sales; online ~21%.

Strategic progress

Investments and operational upgrades advanced: automation at Heerlen DC, global e‑commerce re‑platform (North America live; rest of Europe & UK scheduled in 2026), AI pilots and loyalty (JD STATUS 9.4m active members). Actions emphasise store productivity, apparel growth and cross‑region efficiencies.

FY27 outlook and guidance

Management expects muted market growth. FY27 guidance: PBTAI £750m–£850m and free cash flow £460m–£520m. New‑space contribution c.+2–3% to sales and gross capex ~£400m. Company is focused on “controlling the controllables” — price investments weighted to H1, opex efficiency and disciplined capex.

Q1 FY27 trading update

For the 12 weeks to 25 April 2026: organic sales flat YoY, LFL -2.3%. Regional Q1 trends: North America modestly positive, Europe and UK softer, Asia Pacific notably strong. Management says Q1 is seasonally low‑weight and trading strengthened into March/April around key events.