JD Sports Fashion Plc (JD.L): First Take: 1H27 LFL -2.8% (cons -2.0%) with FY27 PBTAl guidance £700mn-£800mn (from £750mn-£850mn;

Research evidence excerpt

Equity Research

20 August 2026 | 7:23AM BST

JD Sports Fashion Plc (JD.L): First Take: 1H27 LFL -2.8% (cons -2.0%)

with FY27 PBTAI guidance £700mn-£800mn (from £750mn-£850mn;

News: JD Sports released a trading update with 1H group LFL/organic sales

-2.8%/-0.7% (company-compiled consensus -2.0%/+0.2%), split UK

-1.4%/-1.7% (Visible Alpha Consensus Data -3.4%/-2.8%), Europe -3.3%/-0.5%

(consensus -3.5%/+0.1%), North America -4.0%/-1.7% (+1.8% organic ex-Finish

Line; consensus -0.5%/+1.7%), and APAC +3.0%/+11.3% (consensus +2.8%/+9.8%).

1H27 gross margin was in-line with company expectations.

FY27 outlook updated:

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Richard Edwards

+44(20)7051-6016 |

Goldman Sachs International

Ben Williams

+44(20)7051-0661 |

Goldman Sachs International

Hamish Bogdan

+44(20)7552-2214 |

Goldman Sachs International

PBTAI guidance of £700mn-£800mn (from £750-£850mn; company-compiled

consensus £781mn)

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Reiterated FCF of £460mn-£520mn (consensus £472mn)

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Reiterated annual share buyback of £200mn

What does it all mean? All else equal, the midpoint of the updated FY27 PBTAI

guide (£750mn) is 4% below company compiled consensus of c.£781mn.

Valuation: Our DCF-derived 12-month price target is 110p, which equates to c.9.4x

FY27E P/E. We are Buy rated.

Key risks: Lower-than-expected LFL growth, faster-than-expected online channel

growth, brands pulling out of JD stores, and lower profitability in any region.

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should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.

Investors should consider this report as only a single factor in making their investment decision. For Reg AC