JD Sports Fashion (JD) H1 2026 earnings summary

Executive summary

• First half results demonstrated resilience and strong operating discipline amid challenging consumer markets, with market share gains in North America and Europe driven by acquisitions and omnichannel strategy.

• Acquisitions of Hibbett and Courir significantly boosted total sales, while organic sales growth remained positive despite a decline in like-for-like sales.

• Focus remained on cash generation, shareholder returns, and operational efficiency to support profit growth ahead of sales.

• Integration of Hibbett and Courir progressing well, with significant store openings and supply chain investments supporting omnichannel growth.

• Cautious outlook for H2 due to consumer pressures, but full-year profit before tax and adjusting items expected in line with market expectations.

Financial highlights

• Revenue rose 18% to £5,940m (+20% at constant FX), driven by Hibbett and Courir acquisitions; organic sales up 2.7%.

• Gross margin 48.0%, down 60bps year-over-year; operating profit before adjusting items £369m, down 8.2%, with operating margin 6.2%.

• Profit before tax and adjusting items £351m, down 14%; statutory profit before tax £138m, up 9.5%.

• Adjusted basic EPS down 11% to 4.60p; interim dividend maintained at 0.33p per share.

• Operating cash flow up 5% to £546m; free cash outflow improved to £68m.

Outlook and guidance

• Full-year profit before tax and adjusting items expected in line with consensus (£878m); cautious on trading environment due to consumer pressures and product cycle transitions.

• Limited financial impact from US tariffs expected in FY26; uncertainty remains for future years.

• Acquisitions to add around 10% to total sales in FY26; 75–100 net new stores planned; capex guidance £450m–£500m; share buybacks of £200m planned.

• Medium-term focus on organic sales growth ahead of the market, profit growth ahead of sales, and capex trending down to 3–3.5% of sales.