JD Sports Fashion PLC

Latest Results (02.04.2026):

JD Sports Fashion PLC Q4 2025/26 trading update: for the 9 weeks to 3 January (Q4 to‑date) the Group reported like‑for‑like sales down 1.8% and organic sales up 1.4%. Peak trading was resilient against a tough consumer backdrop, with North America returning to growth while the UK and Europe softened. The company expects FY26 profit before tax and adjusting items to be in line with current market expectations and is guiding free cash flow of c.£400m.

Group sales headline

Q4 to‑date LFL -1.8% (in line with Q3), organic +1.4%; YTD (48 weeks) LFL -2.1% and organic +2.2%.

Regional performance

North America (39% of Q4 sales) LFL +1.5% (ex‑Finish Line LFL +4.1%); Europe LFL -3.4%; UK LFL -5.3%; Asia Pacific LFL +2.8%.

Product trends

Apparel remained resilient (notably outerwear and women’s ranges); footwear was softer due to end‑of‑cycle lines, offset by strong running category and some retro basketball demand.

Margin, costs and inventory

FY26 gross margin is anticipated to be c.50bps lower YoY, largely from controlled price investments (mainly online). Management reports tight cost and cash control, ongoing US integration synergies, and expects to exit FY26 with higher‑quality inventory.

Profit, cash and capital returns

Expect FY26 PBTAI to be in line with current market expectations (company cites consensus ~£849m). Free cash flow guidance is c.£400m for FY26 (FY25: £339m); £200m of share buybacks completed.

Operations and strategic progress

Roll‑out of new e‑commerce platforms in Europe and the UK is set to begin in 2026 after successful implementations in the US and Italy; Heerlen distribution automation is ramping; JD will increase North America marketing to accelerate growth and is deploying AI‑driven commerce capabilities.

Near‑term outlook

Management flags a muted market outlook for FY27 driven by weak consumer spending and early stage product pipelines from brand partners, but plans further marketing, digital, AI and store optimisation while maintaining disciplined trading and selective price investments. Further details to be provided at FY26 results on 7 May 2026.