JD Sports reported a decline in sales in its second-quarter trading update, while also announcing a new US $ 129 million share buyback programme.
Group like-for-like revenues fell 3% to US $ 3.9 million in the 13 weeks to 2nd August, following a 2.5% decline in the first half of the year. UK sales dropped 6.1% in the second quarter, bringing the half-year decline to 3.3%.
The company pointed to an improved like-for-like sales trend in the UK, North America and Europe, though performance remained impacted by strong comparatives linked to the Euro 2024 football tournament. It also highlighted solid demand for apparel, while footwear sales softened as key product cycles came to an end.
JD Sports said it continued to make progress on its strategic priorities, including its omnichannel proposition, store network, supply chain, and North American operations. It added that it expected to meet current market forecasts for its FY ’26 pre-tax profit and adjusting items but noted it was still evaluating potential impacts from US tariffs.
Chief executive Régis Schultz said the group had made “strong progress” in building its customer proposition, optimising stores and supply chains, and managing costs and cash. He added that, despite tough comparators, the UK and Europe saw good underlying performance in apparel and newer footwear ranges.
Schultz noted that consumers across regions were “resilient but selective” with purchases, cautioning about the trading environment in the second half. He reiterated that profit before tax and adjusting items for FY ’26 was expected to align with market expectations, excluding any indirect effects of US tariffs.
In April, the company had warned that volatility and tariff uncertainty would weigh on the year ahead, after meeting its FY ’25 profit outlook. For the 52 weeks to 1st February 2025, JD Sports recorded 5.8% organic sales growth, with profit before tax and adjusting items reported in the range of US $ 1.18 billion to US $ 1.21 billion.
