Jd Sports Fashion Plc · LSE:JD.
Jd Sports Fashion — H1 2027 Earnings Presentation
42 slides from Jd Sports Fashion's earnings presentation, Sep 23, 2026
Slide 1: HY27 Results
HY27 Results 26 weeks to 1 August 2026 Régis Schultz Dominic Platt Chief Executive Officer Chief Financial Officer 1
Slide 2: Agenda
Agenda Intro Régis Schultz Chief Executive Officer HY27 results Dominic Platt Chief Financial Officer Business update Régis Schultz Chief Executive Officer Q&A Régis Schultz Dominic Platt 2
Slide 3: Key messages
Key messages Resilient sales performance against 1 tough industry & consumer backdrop 2 Significant strategic progress Footwear -3%(1), apparel and accessories +4%(1); 3 online sales +5%(1) Maintaining tight cost and capital discipline; 4 net cash of £168m, c.£300m improvement YoY No changes to FY27
Slide 4: HY27 results
HY27 results Dominic Platt Chief Financial Officer 4
Slide 5: Summary financials
Summary financials £m/26 weeks HY27 HY26 Change Change Key takeaways (reported) (constant) • Organic sales -0.7%; Sales 5,899 5,940 (0.7)% (0.8)% LFL sales -2.8% & Gross margin % 46.8% 47.0% (20)bps (20)bps +2.1%pts contribution from net new space Operating profit(1) 294 369 (20.5)% (19.5)% • Gross
Slide 6: A balanced and diversified global business
A balanced and diversified global business Sales by region Sales by channel(1) Sales by category 1% (1%) 5% 4% (4%) (3%) 20% (19%) 24% 38% (25%) (39%) 36% (35%) (31%) 60% 33% (62%) (32%) (31%) 79% (80%) North America Europe UK APAC Stores Online Other Footwear Apparel & accessories Other • Organic s
Slide 7: Resilient performance against challenging backdrop
Resilient performance against challenging backdrop Key takeaways North Asia £m/26 weeks Total Europe UK America Pacific • North America impacted by weakened core consumer Sales 5,899 2,233 1,950 1,438 278 sentiment; JD fascia resilient LFL % (2.8)% (4.0)% (3.3)% (1.4)% +3.0% • Resilience in Europe s
Slide 8: Group profit bridge
Group profit bridge For the purpose of underlying analysis, marketing contributions (classified within gross profit for statutory purposes) have been netted off below against the corresponding marketing costs within opex -60bps net impact on Opex inflation more than offset FX mark-to-market GM % fro
Slide 9: Maintaining our sharp focus on cost efficiency & productivity
Maintaining our sharp focus on cost efficiency & productivity Strong cost discipline; Significant ongoing activity LFL operating costs flat in H1 expected to deliver benefits in H2 • Flexing store staff levels • New finance systems rolling out in the US, based on customer activity unlocking shared s
Slide 10: Strong net cash position
Strong net cash position Lease repayments include Working capital outflow Closing net cash of £168m after seven months of payments in HY27 of £144m reflecting typical £144m of cash returns to shareholders (versus six in HY26) H1 profile and seasonal investment in the half £m 45 450 433 -303 311 -18
Slide 11: Disciplined management of inventory and cash
Disciplined management of inventory and cash Disciplined Maintaining financial Inventory approach to capex resilience and an effectively managed with a strong focus efficient balance sheet on returns Capex of £175m; 3.0% of sales Net inventory +2%(1) YoY Significant headroom including (vs £216m / 3.
Slide 12: Targeted store investment supporting sales performance
Targeted store investment supporting sales performance Tight discipline on store Optimising productivity investment returns hurdles and catchments Like-for-like driving lower capex 48 relocations & -2.8% conversions(1) sales £216m 23 Relocations(2) £175m +0.8%pts 24 & upsizes 28 10 Comparable -2.0%
Slide 13: FY27 Outlook & Guidance
FY27 Outlook & Guidance Dominic Platt Chief Financial Officer 13
Slide 14: FY27 market outlook
FY27 market outlook Addressable market growth in FY27: Weaker Muted Stronger Worsening geopolitical climate Easing in geopolitical tensions and/or and/or Weaker macro/consumer backdrop Stronger macro/consumer backdrop and/or and/or Lower product heat Higher product heat Where we believe annual marke
Slide 15: FY27 guidance reiterated
FY27 guidance reiterated • New space impact (net) on sales of c.+2% to +3% Sales (FY26: +4.2%) Profit before tax • £700m to £800m (FY26: £852m) & adjusting items(1) Free cash flow • £460m to £520m (FY26: £462m) • Interim dividend of 0.40p declared, +21.2% YoY Shareholder returns • Share buybacks of
Slide 16: Business update
Business update Régis Schultz Chief Executive Officer
Slide 17: Making significant progress against our strategic initiatives
Making significant progress against our strategic initiatives Strengthening and diversifying 1 our product range Driving store productivity 2 & optimisation Completing our global 3 e-commerce re-platforming 4 Accelerating AI adoption Taking data-driven customer 5 personalisation to the next level 17
Slide 18: Strengthening and diversifying our product range
1 Strengthening and diversifying our product range Footwear and Apparel category evolution Footwear categories as a % of sales Apparel categories as a % of sales 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% FY22 FY23 FY24 FY25 FY26 HY26 HY27 FY22 FY23 FY24
Slide 19: More brands, more styles, more trends
1 More brands, more styles, more trends
Slide 20: Driving store productivity & optimisation
2 Driving store productivity & optimisation Optimising Converting Fewer, bigger, better • 19 Finish Line stores • Optimising Hibbett’s • Accelerating proven fewer, converted to JD in H1 store footprint; bigger, better model, 33 store closures • On track to convert or close including flagship opening
Slide 21: Significantly expanding our franchise platform
Significantly expanding our franchise platform 83 JD & Courir stores + >140 JD stores in + >70 JD stores in today Mexico Eastern Europe 21
Slide 22: Completing our global e-commerce re-platforming
3 Completing our global e-commerce re-platforming Re-platforming Improved Product to date customer experience AI-enabled recommendations with enhanced product assistance & JD North America search & discovery tool abandoned basket and faster checkout recovery South-East Asia Outdoor fascias I
Slide 23: Focus on driving growth and improving profitability
Focus on driving growth and improving profitability North America Europe UK Growing JD brand Refined market focus Store estate awareness optimisation Heerlen automation & Expansion & conversions double-running costs Cost productivity & efficiency Omni-channel & loyalty Omni-channel & loyalty opportu
Slide 24: Key takeaways
Key takeaways Resilient sales performance against 1 tough industry & consumer backdrop 2 Significant strategic progress Footwear -3%(1), apparel and accessories +4%(1); 3 online sales +5%(1) Maintaining tight cost and capital discipline; 4 net cash of £168m, c.£300m improvement YoY No changes to FY2
Slide 25: Q&A
Q&A Régis Schultz Dominic Platt Chief Executive Officer Chief Financial Officer
Slide 26: Appendices
Appendices
Slide 27: JD Group investment case
JD Group investment case Strong global footprint across growing markets Leveraging an agile, multi-brand and multi-category business model Driving customer engagement through our industry-leading omni-channel proposition Accelerating multiple levers to drive sales growth Enhancing operational effici
Slide 28: Capital allocation framework
Capital allocation framework Invest in attractive Returns to growth Commitments shareholders opportunities Progressive, sustainable Prioritise growth dividend growth opportunities with attractive returns Maintain capacity Surplus capital for Genesis to be returned Annual gross capex put/call option(
Slide 29: Group medium-term financial priorities
Group medium-term financial priorities Strong cash generation Grow sales to drive growth Operating margin ahead of investment and progression our markets attractive shareholder returns Gross capex of c.3-3.5% Driven by Europe & North America of total sales per annum LFL growth and new space Multi-ye
Slide 30: P&L by region – North America and Europe
P&L by region – North America and Europe £m/26 weeks HY27 HY26 Change Change (reported) (constant) North Sales Operating profit before adjusting items 2,233 149 2,318 205 (3.7)% (27.3)% (1.7)% (25.1)% America Interest on lease liabilities (26) (24) +8.3% +8.3% Operating profit(1) 123 181 (32.0)% (29
Slide 31: P&L by region – UK and Asia Pacific
P&L by region – UK and Asia Pacific £m/26 weeks HY27 HY26 Change Change (reported) (constant) Sales 1,438 1,464 (1.8)% (1.8)% UK Operating profit before adjusting items 108 126 (14.3)% (14.3)% Interest on lease liabilities (14) (12) +16.7% +16.7% Operating profit(1) 94 114 (17.5)% (17.5)% Operating
Slide 32: P&L by segment – JD
P&L by segment – JD £m/26 weeks HY27 HY26 Change Change (reported) (constant) Sales 3,688 3,674 +0.4% (0.1)% Gross profit 1,759 1,773 (0.7)% (1.2)% Gross margin % 47.7% 48.3% (60)bps (60)bps Operating costs before adjusting items (1,529) (1,511) +1.5% +0.8% Interest on lease liabilities (54) (45) +1
Slide 33: P&L by segment – Complementary Athleisure
P&L by segment – Complementary Athleisure £m/26 weeks HY27 HY26 Change Change (reported) (constant) Sales 1,468 1,567 (6.4)% (5.3)% Gross profit 673 723 (6.9)% (5.9)% Gross margin % 45.8% 46.1% (20)bps (30)bps Operating costs before adjusting items (573) (580) (1.4)% (0.5)% Interest on lease liabili
Slide 34: P&L by segment – Sporting Goods & Outdoor
P&L by segment – Sporting Goods & Outdoor £m/26 weeks HY27 HY26 Change Change (reported) (constant) Sales 743 699 +6.4% +5.1% Gross profit 329 296 +11.1% +9.7% Gross margin % 44.3% 42.3% +200bps +180bps Operating costs before adjusting items (289) (262) +9.1% +7.8% Interest on lease liabilities (7)
Slide 35: FY27 technical guidance
FY27 technical guidance Sales • New space impact (net) on sales of c.+2% to +3% (FY26: +4.2%) Profit before tax and • £700m to £800m (FY26: £852m) adjusting items (PBTAI)(1) Gross capex • £350m to £400m (FY26: £401m) Free cash flow • £460m to £520m (FY26: £462m) • Share buybacks of £200m to be compl
Slide 36: Store count
Store count Stores Conversions Conversions Stores No. of stores as of New stores Closures /Relocations /Relocations as of 31 Jan 2026 in out 1 Aug 2026 JD North America 446 19 (1) 20 (1) 483 Finish Line 174 - (10) - (19) 145 Macy’s 254 - - - - 254 JD Europe 689 16 (16) 5 (5) 689 JD United Kingdom 41
Slide 37: Medium-term commitments & financing
Medium-term commitments & financing Commitments • Genesis put/call option • 10% in 2029, 10% in 2030 Current facilities Amount Drawn • Cash outflow in FY30 & FY31 Term loan US$700m US$700m • £1.5bn cap remains in place RCF £1bn - Financing Total c.£1.5bn c.£500m • US$700m Term Loan maturing on 8 Jul
Slide 38: Adjusting items
Adjusting items As of As of 2 £m 1 Aug August 2026 2025 • Impairments reflect non-cash Impairment of tangible & intangible assets & investments (8) 1 charge from strategic store and fascia optimisation Corporate activity 27 14 • Corporate activity from Movement in present value of put & call options
Slide 39: Net leverage
Net leverage Cash FX & Net lease £m FY26 HY27 flow other additions Cash and cash equivalents (net of overdrafts) 836 (197) 46 - 685 Bank loans (525) (19) 27 - (517) Net cash 311 (216) 73 - 168 Lease liabilities (3,138) 379 (3) (342) (3,104) IFRS 16 net debt (2,827) 163 70 (342) (2,936) LTM EBITDA 1,
Slide 40: Average FX rates
Average FX rates Currency FY27 forecast FY26 actual FY25 actual GBP:USD 1.34 1.33 1.28 GBP:EUR 1.15 1.16 1.18 40
Slide 41: HY27 sales by region & segment
HY27 sales by region & segment Total sales (£m) Like-for-like Comparable Organic North America 2,233 (4.0)% (3.5)% (1.7)% Europe 1,950 (3.3)% (2.6)% (0.5)% UK 1,438 (1.4)% +0.3% (1.6)% Asia Pacific 228 +3.0% +3.0% +10.7% Group 5,899 (2.8)% (2.0)% (0.7)% Total sales (£m) Like-for-like Comparable Orga
Slide 42: Disclaimer
Disclaimer This presentation contains certain forward-looking statements relating to expected or anticipated results, performance or events. Such statements are subject to normal risks associated with the uncertainties in our business, supply chain and consumer demand along with risks associated wit