JD Sports Fashion (JD) Q2 2025 TU earnings summary

Executive summary

• Q2 trading showed resilience and agility, with 2.4% like-for-like and 8.3% organic sales growth, reflecting the strength of the multi-brand model and ongoing retail excellence.

• The company completed the acquisition of Hibbett, expanding its U.S. presence and filling a key geographical gap.

• 85 new JD stores were opened in H1, supporting global expansion and market share gains.

Financial highlights

• Q2 like-for-like sales growth was 2.4%, with organic sales growth at 8.3%.

• H1 ended with 0.7% like-for-like sales growth and 6.4% organic sales growth.

• Gross margin in Q2 was 48.4%, down 30bps year-over-year, mainly due to a promotional apparel market, especially online and in the U.K.

• Ended H1 with 4,506 stores, up 1,189 from the start of the year, including Hibbett acquisition.

Outlook and guidance

• Full-year profit before tax and adjusting items guidance maintained at £955m–£1,035m (pre-Hibbett), with expectations to be in the lower half of the range due to currency headwinds.

• The macro environment remains volatile, prompting a cautious outlook for the rest of the year.

• Hibbett sales will be excluded from like-for-like and organic metrics for 12 months post-acquisition.

• No material change expected in profit phasing; about 60% of profits typically generated in H2, skewed to Q4.