JD sees 'strong' international performance but braces for US tariff impact

JD Sports has today released its trading update for the fourth quarter of FY25 and initial guidance for FY26, bracing for impact as Trump's tariffs come into effect. 

For the 13 weeks ending 1 February 2025, JD Sports reported revenue growth of 5.8%, in line with previous guidance, ranging between £915 million and £935 million. Despite a challenging market, JD put this achievement down to strong performances in Europe, North America, and Asia Pacific.

Full-year like-for-like revenue growth was 0.3%, with organic growth of 5.8%, driven by the company’s international expansion and acquisitions of US retailer Hibbett and French retailer Courir.

Looking ahead to FY26, JD Sports said: "While we expect FY26 Profit before tax and adjusting items to be in line with current consensus expectations, our FY26 guidance excludes any potential impact from changes to tariffs."

The company expects total revenue to rise, fuelled by the contribution of its recent acquisitions, as well as plans to open around 150 new stores and 100 relocations or conversions. While like-for-like revenues are expected to be lower than FY25, according to the retailer,  the overall revenue growth will benefit from an increased store count.

However, the company also faces rising operating expenses, including higher UK labour costs and an increased IT investment. These are expected to be offset by cost-saving operational efficiencies, particularly in North America following the Hibbett acquisition.