Overview

• Like-for-like sales fell 2.5% in the 26 weeks to August 2, while organic revenue rose 2.6%; the second quarter saw a 3% like-for-like decline and 2.2% organic growth.
• UK trading weakened sharply with like-for-like sales down 6.1% in the second quarter, taking the first half to down 3.3%, while Europe softened and Asia edged higher in the quarter.
• North America’s trend improved, with like-for-like sales down 3.8% for the half and narrowing to a 2.3% decline in the second quarter on better newer-footwear launches.
• Full-year pre-tax profit is expected to land in line with market forecasts of about £885 million, and the company remains cautious on consumer finances and the footwear product cycle.
• JD said direct effects from new US tariffs are not material, it is monitoring indirect supplier impacts, and it will provide a further update with half-year results on September 24; shares rose roughly 4% after the update.