JD Sports Fashion plc Q2 2027 Earnings Recap

JD Sports fell 2.9% after results showed a 2.8% decline in like-for-like sales and a 19.5% drop in operating profit, as softer footwear demand and controlled price investment weighed on trading and margins. Full-year guidance was unchanged, but the half-year figures point to ongoing pressure in a promotional market.

Key Takeaways

• Organic sales fell 0.7%; net new space added 2.1 percentage points despite the group having 106 fewer stores. Like-for-like sales declined 2.8%.
• Group operating profit, including lease interest, was £294 million, down 19.5% year-on-year; operating margin fell 120 basis points to 5%.
• Controlled price investment reduced underlying gross margin by 50 basis points; statutory gross margin was down 20 basis points.
• Online sales grew 5.2% and reached 20% of sales, while apparel and accessories sales rose 4%.
• FY27 guidance was unchanged: profit before tax and adjusting items of £700 million–£800 million and free cash flow of £460 million–£520 million. Net cash was £168 million before lease liabilities, versus net debt of £125 million a year earlier.