JD Sports Fashion (JD) Q4 2026 TU earnings summary

Executive summary

• Q4 organic sales grew 1.4% with like-for-like (LFL) sales down 1.8%, mirroring Q3 trends; North America showed improved LFL growth, offset by weaker trends in Europe and the UK.

• Apparel sales remained resilient, while footwear softness persisted due to end-of-cycle product lines, despite strong running category momentum.

• Strategic focus on cost control, digital transformation, and supply chain optimization continued, with new e-commerce platforms set for rollout in Europe and the UK in 2026.

• Free cash flow for FY26 is expected to reach approximately £400m, with £200m in share buybacks completed.

Financial highlights

• North America Q4 LFL sales rose 1.5% and organic sales 5.3%; excluding Finish Line, LFL was up 4.1%.

• Europe Q4 LFL sales declined 3.4% with organic growth of 0.9%; UK LFL sales fell 5.3% and organic sales dropped 4.8%.

• Asia Pacific Q4 LFL sales increased 2.8% and organic sales surged 9.6%.

• Group expects FY26 profit before tax and adjusting items (PBTAI) to align with current market expectations.

Outlook and guidance

• FY26 PBTAI is anticipated to be in line with consensus expectations of £849m.

• Free cash flow guidance for FY26 is set at approximately £400m, up from £339m in FY25.

• FY26 group gross margin is expected to be about 50bps lower year-over-year due to controlled price investments, mainly online.

• FY27 market growth is expected to be muted due to weak consumer spending and early innovation cycles from brand partners.

• Initiatives in marketing, digital, and store optimization are being accelerated to outperform the market.