JD Sports Fashion (JD) Q3 2026 TU earnings summary

Executive summary

• Q3 delivered solid results with disciplined operating and financial management amid challenging consumer conditions.

• Apparel outperformed, while footwear remained soft except for strong momentum in the 'running' category.

• Strategic investments in technology and supply chain automation are beginning to yield benefits.

Financial highlights

• Q3 total sales rose 8.1% at constant FX rates; 9M YTD sales up 15.7%.

• Group Q3 like-for-like sales declined 1.7%, but organic sales grew 2.4%.

• Gross margin in Q3 was 30bps lower YoY excluding acquisitions, and 40bps lower overall.

• Inventory levels are well managed ahead of the peak trading period.

Outlook and guidance

• FY26 profit before tax and adjusting items expected at the lower end of current market expectations.

• Weaker macroeconomic and consumer indicators prompt a pragmatic approach to FY26 outlook.

• On track to generate strong free cash flow and complete £200m share buybacks in FY26.