Slides
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1 HY27 Results Dominic Platt Chief Financial Officer Régis Schultz Chief Executive Officer 26 weeks to 1 August 2026
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2 Q&A Agenda HY27 results Dominic Platt Chief Financial Officer Intro Régis Schultz Chief Executive Officer Business update Régis Schultz Chief Executive Officer Régis Schultz Dominic Platt
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3 Key messages Resilient sales performance against tough industry & consumer backdrop1 Significant strategic progress2 Footwear -3%(1), apparel and accessories +4%(1); online sales +5%(1)3 Maintaining tight cost and capital discipline; net cash of £168m, c.£300m improvement YoY4 No changes to FY27 guidance: PBTAI at £700m-£800m & FCF at £460m-£520m5 1. YoY organic sales growth 3
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4 HY27 results Dominic Platt Chief Financial Officer
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5 • Organic sales -0.7%; LFL sales -2.8% & +2.1%pts contribution from net new space • Gross margin % down 20bps; controlled price investments (-50bps, net) partially offset by higher marketing contributions • Opex +1.6%(2) YoY, largely driven by net new space; LFL operating costs flat • Net cash position of £168m; c.£300m improvement YoY vs net debt of £125m at HY26 1. Before adjusting items, after interest on lease liabilities 2. Operating costs excluding adjusting items and interest on lease liabilities, at constant FX rates Summary financials £m/26 weeks HY27 HY26 Change (reported) Change (constant) Sales 5,899 5,940 (0.7)% (0.8)% Gross margin % 46.8% 47.0% (20)bps (20)bps Operating profit (1) 294 369 (20.5)% (19.5)% Operating margin %(1) 5.0% 6.2% (120)bps (120)bps Net finance expense (ex leases) (12) (18) n/a n/a Profit before tax & adjusting items 282 351 (19.7)% (18.7)% Statutory profit before tax 241 138 +74.6% Adjusted basic EPS (p) 3.97 4.60 (13.7)% Interim dividend per share (p) 0.40 0.33 +21.2% Free cash flow (18) (68) n/a Key takeaways
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6 1. Online sales include ‘click & collect’ and ‘ship-from-store’ sales. ‘Other’ sales mainly relate to JD Gym memberships in the UK 2. Organic sales growth A balanced and diversified global business 79% 20% 1% Stores Online Other 60% 36% 4% Footwear Apparel & accessories Other • Organic sales -0.7%; with +2.1%pts contribution from net new space • Tough backdrop in all major regions; partially offset by continued growth in APAC • Apparel & accessories, +4%(2), good performance in all regions • Footwear softer, -3%(2), given ongoing product cycle evolution (80%) (19%) (1%) (31%) (62%) (35%) (3%) Sales by channel(1) Sales by category (31%) 38% 33% 24% 5% North America Europe UK APAC (32%) (25%) (4%) (39%) Sales by region • Store footfall lower outside of key events, sales -2% (2), with improved conversion • Online sales, +5%(2), supported by new platforms and store-based fulfilment
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7 • North America impacted by weakened core consumer sentiment; JD fascia resilient • Resilience in Europe supported by good trading in Sporting Goods businesses • UK sales supported by apparel and improvement in Outdoor • Maintaining trading disciplines, with controlled price investments within a promotional environment • Operating margin lower due to deleverage impact Resilient performance against challenging backdrop £m/26 weeks Total North America Europe UK Asia Pacific Sales 5,899 2,233 1,950 1,438 278 LFL % (2.8)% (4.0)% (3.3)% (1.4)% +3.0% Organic sales growth % (0.7)% (1.7)% (0.5)% (1.6)% +10.7% Operating profit (1) 294 123 52 94 25 Operating margin %(1) 5.0% 5.5% 2.7% 6.5% 9.0% vs prior H1(2) (120)bps (220)bps - (130)bps (100)bps # of stores at HY27 4,766 2,509 1,557 579 121 Net store movement(3) (45) (10) (5) (36) +6 Key takeaways 1. Before adjusting items, after interest on lease liabilities 2. At constant FX rates 3. Compared to FY26 year-end position
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8 1. PBTAI is profit before tax and adjusting items 2. Contribution from net new space in HY27 and annualisations from net new space in the prior year. ‘Contribution’ is stated before the allocation of central overheads 3. ‘Other’ consists of impact from FX and the disposal of Wheelbase in the prior year Group profit bridge (1) (2) £m 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 (3) (1) 351 -37 -92 20 -45 57 26 6 -4 282 -60bps net impact on GM % from controlled price investments Opex inflation more than offset by variable and structural cost reductions FX mark-to-market tailwind of £13m in HY27 vs charge of -£13m in HY26
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9 Maintaining our sharp focus on cost efficiency & productivity Expect cost savings to be H2-weighted with H1 actions delivering further benefits 1. Radio frequency identification • Flexing store staff levels based on customer activity • Automating internal processes to drive efficiencies & savings • Progressing UK RFID (1) roll-out, driving operational & staff productivity benefits • Realising benefits from Heerlen DC related double-running costs • Broad-based overhead actions delivering meaningful savings • New finance systems rolling out in the US, unlocking shared service capabilities and further efficiencies • New scheduling tools optimising store staff levels based on customer activity • DC automation & modernisation of global estate enabling further scale and overhead efficiencies, and driving lower cost to serve Significant ongoing activity expected to deliver benefits in H2 Strong cost discipline; LFL operating costs flat in H1
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10 Strong net cash position £m 1. Refer to the appendices (slide 39) for a net cash/debt reconciliation from FY26 to HY27 311 -18 -43 -101 19 168 Closing net cash of £168m after £144m of cash returns to shareholders in the half Working capital outflow of £144m reflecting typical H1 profile and seasonal investment 241 450 45 -303 433 -144 -175 -132 -18 Lease repayments include seven months of payments in HY27 (versus six in HY26)
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Disciplined management of inventory and cash Inventory effectively managed Net inventory +2%(1) YoY reflecting seasonal stock ahead of back-to-school season Inventory cover flat Disciplined approach to capex with a strong focus on returns Capex of £175m; 3.0% of sales (vs £216m / 3.6% of sales in HY26) Average return on store investment remains in line with three-year payback hurdle Maintaining financial resilience and an efficient balance sheet Significant headroom including IFRS 16 leases (net leverage: 1.5x) Proforma net leverage of 2.0x; including Genesis put/call option 11 1. In constant currency
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12 Targeted store investment supporting sales performance 169 137 24 10 23 28 HY26 HY27 Stores & gyms Supply chain Technology & other £216m £175m Like-for-like sales -2.8% Relocations (2) & upsizes +0.8%pts Net new space +1.3%pts Organic sales -0.7% Optimising productivity and catchments 48 relocations & conversions(1) Disciplined approach to new store openings 88 openings and 133 closures in H1 Tight discipline on store investment returns hurdles driving lower capex Comparable sales -2.0% 1. Conversions included within like-for-like sales. Relocations and upsizes included within comparable sales 2. Within the same catchment area 12
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13 FY27 Outlook & Guidance Dominic Platt Chief Financial Officer
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14 Easing in geopolitical tensions and/or Stronger macro/consumer backdrop and/or Higher product heat FY27 market outlook Worsening geopolitical climate and/or Weaker macro/consumer backdrop and/or Lower product heat Addressable market growth in FY27: Muted Weaker Stronger Where we believe annual market growth (FY27) is currently tracking for our key regions: Muted StrongerWeaker 14
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FY27 guidance reiterated 1. Assuming FX rates of GBP-USD of 1.34 and GBP-EUR of 1.15 15 Sales • New space impact (net) on sales of c.+2% to +3% (FY26: +4.2%) Profit before tax & adjusting items (1) • £700m to £800m (FY26: £852m) Free cash flow • £460m to £520m (FY26: £462m) Shareholder returns • Interim dividend of 0.40p declared, +21.2% YoY • Share buybacks of £200m on track to be completed by end of FY27
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Business update Régis Schultz Chief Executive Officer
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17 Making significant progress against our strategic initiatives 17 Strengthening and diversifying our product range1 Driving store productivity & optimisation2 Completing our global e-commerce re-platforming3 Accelerating AI adoption4 Taking data-driven customer personalisation to the next level5
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18 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% FY22 FY23 FY24 FY25 FY26 HY26 HY27 Apparel categories as a % of sales Core Sport Outdoors Performance Street Fashion Other 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% FY22 FY23 FY24 FY25 FY26 HY26 HY27 Footwear categories as a % of sales Running Retro Basketball Skate / Terrace Classic Court Other Footwear and Apparel category evolution Source: JD Group. Data is JD fascia only, UK and Europe. Strengthening and diversifying our product range 1
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More brands, more styles, more trends 1
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20 Driving store productivity & optimisation Fewer, bigger, better • Accelerating proven fewer, bigger, better model, including flagship openings in Cardiff and Sheffield in H1 • Refreshing and enhancing existing stores to drive sales density • Leveraging technology to drive productivity and efficiency in-store 2 Optimising • Optimising Hibbett’s store footprint; 33 store closures • Improving operations in Eastern Europe; >70 stores to transfer to franchise model • Restructuring in Germany ; 29 stores closed Converting • 19 Finish Line stores converted to JD in H1 • On track to convert or close all standalone Finish Line stores by end of FY28 • 32 City Gear stores converted to Shoe Palace & DTLR • On track for c.60 conversions in FY27 Store numbers down 2.2% YoY vs space contribution to sales of +2.1%pts
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21 Significantly expanding our franchise platform 21 + >70 JD stores in Eastern Europe + >140 JD stores in Mexico 83 JD & Courir stores today
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22 Completing our global e-commerce re-platforming Re-platforming to date Europe roll -out on track for end of FY27 3 Improved customer experience with enhanced search & discovery and faster checkout Exploring and testing e -commerce marketplace propositions AI-enabled product assistance tool Product recommendations & abandoned basket recovery Enabling store efficiencies Expansion of loyalty with ability to now use ‘JD cash’ online More flexibility with new payment options JD North America South-East Asia Outdoor fascias Italy Ireland UK
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23 Focus on driving growth and improving profitability UK Store estate optimisation Cost productivity & efficiency opportunities Omni-channel & loyalty Europe Refined market focus Heerlen automation & double-running costs Omni-channel & loyalty Apparel penetration opportunity North America Growing JD brand awareness Expansion & conversions Omni-channel & loyalty Apparel penetration opportunity c Medium-term operating margin opportunity(1,2) 1. Operating margin % before adjusting items, after interest on lease liabilities 2. Versus FY26 operating margins of 7.4% in North America, 4.8% in Europe and 8.6% in the UK
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24 Key takeaways 1. YoY organic sales growth 24 Resilient sales performance against tough industry & consumer backdrop1 Significant strategic progress2 Footwear -3%(1), apparel and accessories +4%(1); online sales +5%(1)3 Maintaining tight cost and capital discipline; net cash of £168m, c.£300m improvement YoY4 No changes to FY27 guidance: PBTAI at £700m-£800m & FCF at £460m-£520m5
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Q&A Régis Schultz Chief Executive Officer Dominic Platt Chief Financial Officer
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Appendices
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27 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 efficiency to strengthen profitability Prioritising cash generation & enhanced shareholder returns 27
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Maintain financial resilience and an efficient balance sheet Proforma (2) net leverage currently 2.0x Maintain strong liquidity headroom Capital allocation framework Maintain net leverage over medium term of c.2x 1. Cash outflow expected in FY30 & FY31 2. Proforma includes Genesis put/call option 28 Prioritise growth opportunities with attractive returns Annual gross capex trending to 3-3.5% of sales Invest in attractive growth opportunities Maintain capacity for Genesis put/call option(1) Commitments Progressive, sustainable dividend growth Surplus capital to be returned via rolling SBB programme (£200m p.a.) Returns to shareholders
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29 Group medium-term financial priorities Grow sales ahead of our markets LFL growth and new space Contribution from net new space of c.+2%pts to +3%pts Operating margin progression Driven by Europe & North America Multi-year operating cost efficiency programmes Operating cost leverage Strong cash generation to drive growth investment and attractive shareholder returns Gross capex of c.3-3.5% of total sales per annum Strong working capital management Cumulative FCF of >£1.4bn over FY26 to FY28
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30 1. Before adjusting items, after interest on lease liabilities P&L by region – North America and Europe £m/26 weeks HY27 HY26 Change (reported) Change (constant) Sales 2,233 2,318 (3.7)% (1.7)% Operating profit before adjusting items 149 205 (27.3)% (25.1)% Interest on lease liabilities (26) (24) +8.3% +8.3% Operating profit (1) 123 181 (32.0)% (29.7)% Operating margin %(1) 5.5% 7.8% (230)bps (220)bps £m/26 weeks HY27 HY26 Change (reported) Change (constant) Sales 1,950 1,921 +1.5% (0.5)% Operating profit before adjusting items 82 81 +1.2% +1.2% Interest on lease liabilities (30) (29) +3.4% +3.4% Operating profit (1) 52 52 - - Operating margin %(1) 2.7% 2.7% - - North America Europe
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31 1. Before adjusting items, after interest on lease liabilities P&L by region – UK and Asia Pacific £m/26 weeks HY27 HY26 Change (reported) Change (constant) Sales 1,438 1,464 (1.8)% (1.8)% 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 margin %(1) 6.5% 7.8% (130)bps (130)bps £m/26 weeks HY27 HY26 Change (reported) Change (constant) Sales 278 237 +17.7% +10.7% Operating profit before adjusting items 31 28 +10.7% +3.3% Interest on lease liabilities (6) (5) +20.0% +20.0% Operating profit (1) 25 23 +8.7% - Operating margin %(1) 9.0% 9.7% (70)bps (100)bps UK Asia Pacific
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32 1. Before adjusting items, after interest on lease liabilities P&L by segment – JD £m/26 weeks HY27 HY26 Change (reported) Change (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) +12.5% +12.5% Operating profit (1) 176 217 (19.0)% (18.6)% Operating margin %(1) 4.7% 5.9% (120)bps (110)bps
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33 1. Before adjusting items, after interest on lease liabilities P&L by segment – Complementary Athleisure £m/26 weeks HY27 HY26 Change (reported) Change (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 liabilities (15) (16) (6.3)% (6.3)% Operating profit (1) 85 127 (32.5)% (30.9)% Operating margin %(1) 5.8% 8.1% (230)bps (210)bps
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34 1. Before adjusting items, after interest on lease liabilities P&L by segment – Sporting Goods & Outdoor £m/26 weeks HY27 HY26 Change (reported) Change (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) (9) - - Operating profit (1) 33 25 +37.5% +32.0% Operating margin %(1) 4.4% 3.6% +80bps +90bps
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35 FY27 technical guidance Sales • New space impact (net) on sales of c.+2% to +3% (FY26: +4.2%) Profit before tax and adjusting items (PBTAI) (1) • £700m to £800m (FY26: £852m) Gross capex • £350m to £400m (FY26: £401m) Free cash flow • £460m to £520m (FY26: £462m) Share buybacks • Share buybacks of £200m to be completed by end of FY27 (first £100m tranche completed; second £100m tranche commenced on 3 August 2026) FX translational impact • A 1 US cent move YoY impacts FY PBTAI by c.£3m • A 1 Euro cent move YoY impacts FY PBTAI by c.£2m 1. Assuming FX rates of GBP-USD of 1.34 and GBP-EUR of 1.15
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36 No. of stores Stores as of 31 Jan 2026 New stores Closures Conversions /Relocations in Conversions /Relocations out Stores as of 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 410 - (17) 5 (5) 393 JD Asia Pacific 115 6 - - - 121 JD Total 2,088 41 (44) 30 (30) 2,085 DTLR 418 4 (4) 2 (13) 407 Shoe Palace 245 5 (3) 11 - 258 Hibbett 982 13 (33) 4 (4) 962 Courir 313 12 (1) - - 324 Eastern Europe 175 4 (28) - - 151 Complementary Athleisure 2,133 38 (69) 17 (17) 2,102 ISRG 300 3 - - - 303 Cosmos 85 6 (1) - - 90 Outdoor 205 - (19) 1 (1) 186 Sporting Goods & Outdoor 590 9 (20) 1 (1) 579 Group Total 4,811 88 (133) 48 (48) 4,766 Store count 1. Figures exclude 104 JD Gyms sites and 83 franchised stores
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37 Current facilities Amount Drawn Term loan US$700m US$700m RCF £1bn - Total c.£1.5bn c.£500m Medium-term commitments & financing Commitments • Genesis put/call option • 10% in 2029, 10% in 2030 • Cash outflow in FY30 & FY31 • £1.5bn cap remains in place Financing • US$700m Term Loan maturing on 8 July 2029 • £1bn syndicated RCF maturing on 8 July 2031
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38 £m As of 1 Aug 2026 As of 2 August 2025 Impairment of tangible & intangible assets & investments (8) 1 Corporate activity 27 14 Movement in present value of put & call options (15) 163 Amortisation of acquired intangibles 37 35 Adjusting items 41 213 £m Cost Income Net Non-cash 58 (24) 34 Cash 7 - 7 Total 49 (8) 41 • Impairments reflect non-cash charge from strategic store and fascia optimisation • Corporate activity from US integration and European optimisation • Put & call due to Genesis and Cosmos NCI • Amortisation of acquired intangibles – standard practice to include as adjusting item • Non-cash except corporate activity Adjusting items
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39 Net leverage £m FY26 Cash flow FX & other Net lease additions HY27 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 1,949 1,896 Net leverage 1.4x 1.5x
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40 Currency FY27 forecast FY26 actual FY25 actual GBP:USD 1.34 1.33 1.28 GBP:EUR 1.15 1.16 1.18 Average FX rates
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41 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 Organic JD 3,688 (3.1)% (1.7)% - Complementary Athleisure 1,468 (5.2)% (5.2)% (5.2)% Sporting Goods & Outdoor 743 +4.2% +4.3% +5.5% Group 5,899 (2.8)% (2.0)% (0.7)%
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42 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 with macroeconomic, political and social factors in the markets in which we operate. Whilst we believe that the expectations reflected herein are reasonable based on the information we have as at the date of this presentation, actual outcomes may vary significantly owing to factors outside the control of the Group, such as cost of materials or demand for our products, or within our control such as our investment decisions, allocation of resources or changes to our plans or strategy. Neither the Group nor any other person assumes responsibility for the accuracy or completeness of, or assumes any obligation or undertaking to revise or update, any forward-looking statement made in this presentation to reflect new information or any changes in events, expectations or circumstances. As such, undue reliance should not be placed on the forward-looking statements contained within this presentation.