JD Sports Fashion (JD) Q2 2026 TU earnings summary

Executive summary

• Q2 saw improved like-for-like sales trends in North America, while Europe and UK faced tough comparatives due to last year's Euro 2024 tournament.

• Apparel performed well across regions; footwear was softer due to the end of key product cycles.

• Strong progress on omnichannel strategy, store expansion, and supply chain enhancements, especially in North America.

• Announced a new £100m share buyback, following the completion of a previous £100m programme.

Financial highlights

• Q2 group like-for-like sales declined 3.0%, but organic sales grew 2.2%; H1 like-for-like down 2.5%, organic up 2.6%.

• North America Q2 like-for-like sales down 2.3%, organic up 4.8%; Europe Q2 like-for-like down 1.1%, organic up 5.4%.

• UK Q2 like-for-like sales down 6.1%, organic down 4.5%; Asia Pacific Q2 like-for-like up 0.3%, organic up 9.3%.

• H1 group gross margin (excluding acquisitions) was 40bps lower year-over-year, mainly due to controlled price investments online.

• Including acquisitions, H1 gross margin was 60bps lower year-over-year.

Outlook and guidance

• Expect FY26 profit before tax and adjusting items to be in line with current market expectations (£885m consensus).

• Cautious outlook for H2 due to consumer finance strains, unemployment risk, and footwear cycle shifts.

• US tariffs not expected to have a material direct impact; indirect effects are being monitored.

• H2 expected to contribute about 60% of FY26 PBTAI, with H1 impacted by a non-cash FX charge of ~£14m.