JD Sports Fashion (JD) Trading Update summary

Trading performance and market conditions

• Achieved record daily global sales of £100 million on two occasions, with less than 25% from the UK.

• December trading was robust, but November and Black Friday underperformed due to heightened sector promotions and cautious consumer behavior.

• Organic revenue growth for the period was 3.4%, with full-year organic growth expected around 5%.

• Like-for-like revenue was down 1.5% for the period, with year-to-date like-for-likes flat and expected to remain so.

• Gross margin exceeded 48% during the period, ahead of last year, and is expected to be maintained for the full year.

Regional and segment performance

• Like-for-like growth was seen in Europe and Asia-Pacific, while North America and the UK saw declines.

• Recent acquisitions Hibbett and Courir performed well, with Hibbett slightly ahead of North America and Courir having a strong peak season.

• Southern Europe, especially Spain and Greece, outperformed northern regions, reflecting broader economic trends.

Inventory, margin, and promotional discipline

• Maintained strong stock discipline across all geographies, with significant stock reduction in Iberia.

• Chose not to participate in elevated promotional activity, supporting margin and long-term brand relationships.

• Full-price sales model is seen as a long-term strength, with nearly half of products being SMUs, reducing direct price competition.