JD Sports Fashion (JD) Q2 2027 TU earnings summary

Executive summary

• Q2 organic sales declined 1.3% year-over-year, with like-for-like sales down 3.1%; H1 organic sales fell 0.7% and LFL sales dropped 2.8%.

• North America saw the steepest Q2 decline (organic -4.5%, LFL -6.8%), while Asia Pacific grew strongly (organic +10.2%, LFL +1.4%).

• Apparel and accessories outperformed footwear, which remained soft due to consumer pressures and product cycle headwinds.

• Online sales grew 2.6% in Q2, offsetting lower store footfall outside key events.

Financial highlights

• Group Q2 sales: £3,088m (organic -1.3%, LFL -3.1%); H1 sales: £5,899m (organic -0.7%, LFL -2.8%).

• Gross margin for H1 was in line with expectations, with controlled price investments offset by higher marketing contributions.

• Group in a net cash position as of 1 August 2026, compared to net debt in the prior year.

Outlook and guidance

• FY27 profit before tax and adjusting items now expected at £700m–£800m (previously £750m–£850m).

• Free cash flow guidance unchanged at £460m–£520m.

• Promotional market conditions and consumer headwinds expected to persist into H2.