JD Sports Fashion (JD) H1 2025 earnings summary

Executive summary

• Record first half revenue exceeded £5.0bn, with strong organic growth of 6.4% and robust performance in North America and Europe despite market volatility.

• Acquisition of Hibbett completed, making North America the largest market and significantly expanding the store portfolio.

• Maintained FY25 profit before tax guidance, supported by resilient operational cash flow and ongoing investments in global expansion and omni-channel capabilities.

• Statutory profit before tax fell 64% due to significant non-cash adjusting items, including impairments and acquisition-related costs.

• Strategic progress across all four pillars: JD Brand First, Complementary Concepts, Beyond Physical Retail, and People, Partners & Communities.

Financial highlights

• Revenue up 5.2% year-over-year to £5,032.2m, with £61m from Hibbett in 10 days; constant currency growth of 6.8%.

• Operating profit before tax and adjusting items up 2.0% to £405.6m; statutory profit before tax down 64.3% due to adjusting items.

• Adjusted EPS up 4.5% to 5.15p; interim dividend increased by 10% to 0.33p.

• Gross margin at 48.2% (down 20bps year-over-year); operating margin before adjusting items at 9.0% (up 20bps).

• Operating cash flow after working capital was £282m; net cash before lease liabilities at £40.8m.

Outlook and guidance

• FY25 profit before tax and adjusting items guidance maintained at £955–1,035m, with expectations at the lower end due to FX headwinds.

• Like-for-like revenue growth forecasted at 1–4%, with Hibbett expected to contribute around £25m profit before tax and adjusting items for the year.

• Currency headwinds expected to reduce H2 profit by £20–25m at current rates.

• Promotional environment expected to remain stable; no significant change in margin outlook.

• Focus remains on organic growth, value-enhancing acquisitions, and buyout of non-controlling interests.