JD SPORTS (=) : Conference questions

Research evidence excerpt

JD SPORTS (=) : Conference questions

Refinitiv

15 questions for management

1) Guidance. Group profits are forecast to decline in 2026/7: what determines the

top/bottom of your guidance and what constitutes a successful year?

2) Market growth. you expect muted market growth this year, and your medium-term

market forecasts suggest a slower growth rate than in previous years: why?

3) Middle East. Will the conflict lead to the need to raise your prices?

4) US. Have you changed your capital allocation in the US in light of continued

government policy uncertainty?

5) US. Why/how have JD Sports like for like sales been stronger in the US than

UK/Europe despite Nike’s higher share in that market?

6) Europe. EBIT margins lag the other regions: how much can your online investment

improve margins?

7) UK. EBIT margins used to be well above 10%, but are now single digit: what is

structural, what is cyclical?

8) Brands. You are the biggest wholesale partner in your markets for most of the major

brands: how do you leverage this scale?

9) Brands. Where are your two largest brands in their footwear lifecycles, and what

are you able to do as they broaden their distribution?

10) Product trends. Footwear trends have shifted from basketball to running, and

Apparel has grown faster, driven by Performance/Street: how have you adapted to these

shifts?

11) Stores. What gross and net space growth do you expect per annum, bearing in mind

your store rotation activity across multiple banners and larger JD store sizes?

12) Stores. How are you managing your multiple store banners, and how much can you

integrate their back office activities?

13) Digital. You are currently re-platforming your tech stack: what tangible benefits

(customer experience, cost, speed to market) will this deliver?