FULL YEAR RESULTS 2025/26 (FY26)

FULL YEAR RESULTS 2025/26 (FY26)

Building on resilient FY26; advancing five key strategic priorities at pace in FY27

performance SUMMARY:

(1) Gross margin % restated in FY25. See note 12 to the condensed consolidated financial statements for further information. * See page 3 for further details on Alternative Performance Measures; ± Before adjusting items, after interest on lease liabilities

Régis Schultz, CEO of JD Sports Fashion plc:

"We delivered a resilient performance, achieving organic sales growth of 2.1% despite tough market conditions. Our deep understanding of our customers and lifestyle trends give us a clear view of how they want to shop and spend, allowing us to consistently deliver the right products, in the right places and at the right prices. This customer‑led focus, alongside disciplined cost and capital management, supported a 36% increase in free cash flow.

"In North America, our largest region at nearly 40% of sales, sales trends sequentially improved through the year, culminating in a return to LFL sales growth in the fourth quarter, as we optimised our ranging, supply chain and omni-channel proposition. We are now building on that progress with increased targeted marketing investment to support the JD brand's expansion and build on our momentum in this key region.

"We also made good progress against our strategic priorities, launching automation at our Heerlen distribution centre to support JD Europe store replenishment, and advancing our global e‑commerce re‑platforming programme, with full roll‑out to Europe and the UK planned for later in 2026. These programmes are critical stepping stones in future-proofing the infrastructure for a Group of our scale, creating a robust platform that enables us to operate more efficiently and drive future growth. My thanks go to all my colleagues for their relentless energy and commitment.

"Whilst we continue to expect muted market growth in FY27, we remain confident in JD Group's medium‑term trajectory, underpinned by our strong brand partnerships and agile, multi‑brand model. For the year ahead we are focused on further enhancing and optimising our product offer, customer experience and store footprint, and delivering strong cost and cash discipline - in essence, 'controlling the controllables'. These actions position us well to deliver on our new commitments on free cash flow and cash returns to shareholders announced today."

FY26 Headlines:

FY27 OUTLOOK AND GUIDANCE:

Advancing five key STRATEGIC PRIORITIES at pace in FY27:

STRENGTHENING OUR MEDIUM-TERM FINANCIAL PRIORITIES AND CAPITAL ALLOCATION FRAMEWORK:

Over the medium term, our financial priorities are to deliver: (i) sales growth ahead of our markets, (ii) operating margin progression (driven by Europe and North America), and (iii) strong free cash generation.

In support of this, we are announcing today a new 3‑year cumulative free cash flow target of >£1.4bn over FY26 to FY28, underpinned by profit growth, disciplined capital expenditure and strong working capital management.

Under our capital allocation framework, we will reinvest where returns are compelling and maintain leverage headroom for future commitments. In line with our confidence in our cash generation and our medium-term trajectory, we are announcing today a 20% increase in the ordinary dividend with a clear intention to grow this progressively towards a more attractive dividend yield, and a rolling £200m annual share buyback as we deploy cash to drive improved returns for shareholders. See page 10 for further details.

The remainder of this release consists of 3 main sections:

Embargoed until 7am BST, 7 May 2026

Footnotes

(1) FY27 PBTAI guidance assumes FX rates of GBP-USD of 1.34 and GBP-EUR of 1.15

Alternative Performance Measures

Throughout this release, '*' indicates the first instance of use of Alternative Performance Measures, which management believe are useful and necessary to assist the understanding of the Group's results. Please refer to pages 41 to 45 for further information, including reconciliations to statutory measures where required.

Forward-looking statements

This announcement contains certain forward-looking statements relating to expected or anticipated results, performance or events. Such statements are subject to normal risks associated with the uncertainties in our business, supply chain and consumer demand along with risks associated with macroeconomic, political and social factors in the markets in which we operate. Whilst we believe that the expectations reflected herein are reasonable based on the information we have as at the date of this announcement, actual outcomes may vary significantly owing to factors outside the control of the Group, such as cost of materials or demand for our products, or within our control such as our investment decisions, allocation of resources or changes to our plans or strategy. Neither the Group nor any other person assumes responsibility for the accuracy or completeness of, or assumes any obligation or undertaking to revise or update, any forward-looking statement made in this announcement to reflect new information or any changes in events, expectations or circumstances. As such, undue reliance should not be placed on the forward-looking statements contained within this announcement.

Results presentation and Q&A

Régis Schultz (Group CEO) and Dominic Platt (Group CFO) will host an in-person results presentation and Q&A for pre-registered analysts and investors today at 08.30 (UK time). The presentation will be held at Bank of America, 2 King Edward St, London, EC1A 1HQ.

A simultaneous live video webcast of the presentation and Q&A will also be available, using the following link:

https://app.webinar.net/0OkN2p9Be36

Post-event, a replay will be available on demand via the Investors section of our website at www.jdplc.com/investor-relations.

Financial calendar

The next scheduled events are:

21 July 2026: Annual General Meeting 2026

20 August 2026: Q2 2026/27 trading statement

23 September 2026: H1 2026/27 results

19 November 2026: Q3 2026/27 trading statement

About JD Sports Fashion plc

Founded in 1981, JD Group is a leading global omni-channel retailer of sports, fashion and outdoor brands. With 4,811 stores across 36 countries, our fascias - including JD, Size?, Courir, DTLR, Shoe Palace, Hibbett, Sprinter, Sport Zone, Cosmos and Go Outdoors - deliver multi-brand and multi-category propositions that blend agility with trend-driven innovation. We leverage our deep understanding of our customers, close relationships with established and emerging brands, and our exclusive product and own brands portfolio to deliver leading-edge athleisure, performance and streetwear products that address the very latest customer trends across footwear and apparel. We deliver this via our customer-focused omni-channel proposition that combines vibrant, theatrical stores - where sports fashion meets music and youth culture - with cutting-edge digital experiences for our customers.

Our vision is to inspire the emerging generation of customers through a connection to the universal culture of sport, music and fashion. We drive this vision forward via our four strategic pillars: JD Brand First, first priority, first in the world; leveraging our Complementary Concepts to support JD Group's regional expansion; moving Beyond Physical Retail by building the right infrastructure and creating a lifestyle ecosystem of relevant products and services; and doing the right thing for our People, Partners & Communities.

JD Sports Fashion plc is a constituent of the FTSE 100 index.

Chief Executive Officer's Review

In recent years, JD has transformed from a predominantly UK‑focused retailer into a leading global sports fashion powerhouse, with a presence in 51 countries (including 15 countries where we have franchise stores).

Since joining as Group CEO three and a half years ago, we have completed a comprehensive programme of investment, simplification and modernisation, reflecting the rapid expansion in the scale, capability and global footprint of the Group. We have strengthened our operational backbone through major upgrades in supply chain and technology, enhanced governance with modern finance and HR systems, and created a fairer and more supportive workplace - including removing age‑based pay disparities across UK stores, and uplifting wages in line with post‑pandemic inflation. We have also taken decisive steps to streamline and focus our portfolio, exiting 30 businesses while enhancing our Complementary Concepts with the acquisitions of Hibbett in North America and Courir in Europe.

These foundations have been built during a period when industry growth slowed from its historic levels to a more modest trajectory, shaped by macroeconomic uncertainty and the evolution of brand partners' product cycles. As set out in our April 2025 Strategy Update, our business has moved decisively into a new phase, shifting our strategic focus from rapid expansion, M&A and internal investment towards the strategic and operational fundamentals we can control: offering a best‑in‑class customer proposition, strengthening and diversifying our brand relationships, delivering productivity and efficiency benefits from our investments, and generating significant free cash flow to deliver attractive returns for our shareholders.

A resilient FY26 built on discipline and strategic progress

Against this complex backdrop, we delivered a resilient performance in FY26 with organic sales +2.1%. Free cash flow increased +36.3%, reflecting our disciplined approach to costs and capital expenditure. I would like to thank all colleagues for their energy and commitment throughout the year.

North America - now our largest region at 38% of sales - saw encouraging improvement through the year, culminating in a return to LFL sales growth during peak trading in Q426. Building on this momentum, we are increasing marketing investment to support JD's expansion and reinforce our competitive position in this key region.

We also made significant progress on the strategic priorities essential to JD's long‑term success. We launched automation at our Heerlen distribution centre, a major step in transforming store replenishment for JD Europe. We advanced our global e‑commerce re‑platforming, with full roll-out to Europe and the UK to follow later in 2026. These investments address legacy constraints and create the modern infrastructure required for a business of our scale.

Strengthening our customer proposition and multi‑brand model

One of JD's defining strengths is the deep understanding of our core customer, and throughout the year we remained focused on translating that insight into a compelling customer proposition. We continued to evolve our multi‑brand assortment with the latest and most exclusive athleisure, performance and streetwear products, enhanced our UK store footprint through 'fewer, bigger, better' formats, and strengthened our omni‑channel capabilities. We also improved supply chain efficiency to ensure strong product availability and faster fulfilment.

By staying close to both customers and brand partners, and leveraging our own brand capability, we believe we can continue to lead with the right products, in the right places and at the right prices. Our multi‑brand model, rooted in agility, disciplined execution and a clear strategic focus, position us well to navigate near‑term pressures while capturing medium‑term opportunities.

FY27: execution focus and cash discipline - with strategic acceleration

Looking to the year ahead, while near‑term consumer and industry indicators mean that we anticipate overall market growth to remain muted, we remain confident in the medium‑term trajectory for the JD Group. Building on the discipline and resilience of last year, FY27 represents a year in which we will advance several key strategic initiatives at pace:

The delivery of meaningful cost efficiencies also remains a core focus, including but not limited to the annualisation of US integration synergies and starting to unwind supply chain and technology double‑running costs in Europe. We will maintain disciplined capex and strong working capital management to support significant cash generation.

A compelling investment proposition to deliver attractive shareholder returns

Our equity story is built on fundamentals that position JD Group to outperform even in a more moderate growth environment: a global footprint in structurally attractive markets, multiple levers to drive sustained sales growth, an agile multi‑brand model, a distinctive omni-channel ecosystem and a significant runway for operational efficiency. Critically, our strengthened model is generating significant free cash flow. With this stronger foundation, we expect to continue enhancing shareholder returns, including the proposed FY26 ordinary dividend increase and progressive policy and our rolling annual share buyback programme.

·

Review of FY26 performance

For the year to 31 January 2026, we achieved total sales of £12,662m, +11.7% at constant FX rates and +10.5% at reported rates. Excluding the two businesses acquired in the prior year, organic sales growth was +2.1% at constant FX rates, which includes a +4.2% benefit to sales from net new space opened across the Group. We believe this is at least in line with the growth of our addressable markets. Group LFL sales were -2.1%.

The reported gross margin % for the Group in FY26 was flat YoY at 47.0% (FY25 restated: 47.0%). Throughout the year, the Group made controlled price investments, particularly in the online offer, to boost competitivity and stay close to fast-changing consumer dynamics. The underlying impact of these investments on our gross margin % (approximately -30bps, net) was offset by higher marketing contributions YoY.

Operating profit before adjusting items and after interest on lease liabilities of £886m (FY25: £937m) was -4.0% at constant FX rates and -5.4% on a reported currency basis, driven by higher operating costs and interest on lease liabilities. While operating costs were +14.6% YoY at constant FX rates, this was driven by the impact of costs related to organic new stores and the annualisation of costs related to Hibbett and Courir. Excluding these items, operating costs were +0.4% YoY. Profit before tax and adjusting items was £852m (FY25: £923m), -6.4% at constant FX rates and -7.7% at reported rates.

We are a highly cash generative business, with operating cash flow (net of lease repayments) of £1,309m in FY26, +3.3% YoY (FY25: £1,267m), which we believe is a close cash proxy for EBITDA on an IAS 17 basis. After cash outflows mainly consisting of changes in working capital, capital expenditure and tax payments, we generated free cash flow of £462m in the year (FY25: £339m) supported by cost and capital discipline. As of 31 January 2026, we had net cash (before lease liabilities) on our balance sheet of £311m (FY25: £52m), and net leverage including lease liabilities of 1.4x (FY25: 1.7x).

Sales by region

Total sales below (in £m) include a full year of results from Hibbett and Courir (JD Group completed the acquisition of Hibbett on 25 July 2024, and Courir on 27 November 2024). Organic sales growth excludes acquisitions and disposals, and is calculated at constant FX rates.

* North America excluding Finish Line LFL sales: +1.2%

Sales by segment

* JD excluding Finish Line LFL sales: (1.5)%

Regional commentary

North America, our largest region at 38% of Group sales (FY25: 37%), delivered an improving performance through the year, supported by disciplined execution against its trading plans and strong online sales growth. While footwear was mixed overall due to softness in several end‑of‑cycle product lines, this was partially offset by strong momentum in running as well as several successful retro basketball product launches. Furthermore, organic apparel sales increased by c.22% YoY, the best performance across all our regions. Online sales grew strongly throughout the year, with organic sales +12.2%, reflecting improved online ranging and technology platforms, targeted marketing and controlled price investments. The phased conversion of Finish Line stores to JD continued, with promotional intensity at this fascia remaining elevated through the year. Overall, North America delivered organic sales growth of +3.2% and LFL sales of -1.8%. Excluding the standalone Finish Line business, North America LFL sales were +1.2%.

Europe, representing 33% of Group sales (FY25: 31%), delivered a resilient performance with organic sales growth of +4.2% and LFL sales of -1.2%. The region saw continued good performances across our sporting goods businesses (ISRG and Cosmos), and a resilient performance across JD. Organic apparel sales in the region continued to grow, up by c.10% YoY. Organic online sales saw good growth of +3.8%, helped by expanded ship‑from‑store capabilities and controlled price investments in the online offer.

The UK, at 25% of Group sales (FY25: 28%), saw weak sales trends at both JD and our Outdoor business against a tough consumer backdrop, particularly in the online channel (where a higher proportion of our UK sales are derived relative to other regions). Store sales were supported by strong conversion despite lower footfall. Organic sales - the most relevant measure in this market given our ongoing transition to 'fewer, bigger, better' JD stores - were down for the year at -2.5%. This was largely driven by softness in footwear linked to end‑of‑cycle product lines and tough comparatives in athletic footwear for women. Apparel, particularly womenswear and outerwear, delivered a more resilient underlying performance (notwithstanding tough comparatives due to the Euro 2024 football tournament). JD Gyms continued its strong momentum, surpassing 100 sites and attracting record peak sign‑ups despite a more competitive market.

Asia Pacific, representing 4% of Group sales (FY25: 4%), delivered growth across the year, with broad‑based strength in footwear, apparel and online (the latter supported by the successful roll-out of a new e-commerce platform in South-East Asia). The region exited the year with positive LFL momentum. Overall, Asia Pacific delivered organic sales growth of +8.5% and LFL sales of +0.4%.

Store footprint

We ended FY26 with 4,811 stores worldwide in 36 countries, compared with 4,850 at the start of the financial year. Across all fascias, 289 stores were opened and 325 stores were closed (openings and closures include 58 store relocations). Three stores were disposed of within our Outdoor business as we continued to optimise our store portfolio.

In addition to the store numbers in the table below, the Group operates 102 JD Gyms sites in the UK (FY25: 92), and 75 franchised stores for the JD brand and Courir (FY25: 58).

Overall, JD Group is present via its own operations in 36 countries, with a franchise presence in a further 15 countries.

Channel commentary

Delivering a world-class omni-channel experience for our customer remains one of our top priorities:

Category commentary

Our business model is underpinned by our strong, agile and multi-brand assortment of products, delivering a 'head-to-toe' shopping experience for our customers.

Throughout FY26 we saw a significant shift in the global footwear product cycle, given the transition between (smaller) newer product lines and (larger) 'end of cycle' product lines of some of our brand partners. Notwithstanding this, we saw strong growth across brands less affected by transition, which reflects the benefit of our agile, multi-brand model. The early signals for new franchises (in terms of both product launches and the pipeline) are encouraging, particularly in the running category. Although small today, these present an exciting longer-term opportunity for the Group.

The evolution of the apparel product cycle is very different compared with footwear. Our apparel proposition is in excellent shape, and we believe there is significant scope to leverage this for growth, particularly in North America where our apparel mix is relatively low compared to other regions.

Our sales mix is as follows:

Good progress against our strategic objectives in FY26 & our priorities for FY27

Our strategy is based on four pillars: JD Brand First, Complementary Concepts, Beyond Physical Retail and People, Partners & Communities. Through FY26 we executed with discipline across each pillar, strengthening the Group's operational backbone, sharpening our customer proposition, and creating a more resilient platform for growth. JD Brand First keeps the JD fascia at the forefront of athleisure, performance and streetwear globally; Complementary Concepts broadens our reach across customers, geographies and categories; Beyond Physical Retail scales the technology and supply chain infrastructure we have built over the last three and a half years, which underpins the ongoing development of our omni-channel model; and People, Partners & Communities reflects our commitment to do the right thing by our colleagues, brand partners and the communities where we operate, supported by robust governance and control.

The Group is focused on driving sales growth, strengthened profitability, strong cash generation, and attractive shareholder returns. During the year we continued to optimise our multi‑brand footwear and apparel assortments, leveraging globally consistent merchandising, richer customer insights and clearer brand storytelling. In stores, our distinctive 'JD theatre' elevated partner narratives and newness; online, new e-commerce platforms in key markets reduced friction and improved discovery and conversion, underpinning a more compelling omni-channel experience.

JD Brand First

The JD brand has a strong position globally, with its brand awareness continuing to grow in key growth markets (such as North America and continental Europe). We have a deep, unrivalled understanding of our core customer demographic - 16 to 24-year olds - together with long-term partnerships with the leading brands in athleisure, performance and streetwear, capitalising on over 40 years of industry experience. And we have a consistent, global framework for the JD fascia; it is adapted according to local customer needs, and leverages our growing own brands portfolio as well as partnerships with local and emerging brands.

In FY26 we opened 62 net new JD stores, taking the total JD portfolio to 2,088 globally as we continued to grow JD's international store footprint. 80% of JD's stores are outside of the UK in our key growth markets of North America, Europe and Asia Pacific. We follow a disciplined approach to capital investment for new stores and, outside of strategic investments in flagships, we look for a payback on investment of less than three years.

Highlights in FY26 included:

Complementary Concepts

Our complementary athleisure concepts extend our reach within the global sports fashion market, driving broader customer penetration. These include Hibbett, DTLR and Shoe Palace in North America, together with our businesses in Europe - MIG (Eastern Europe) and Courir. In addition, we also operate sporting goods businesses through ISRG (Sprinter in Spain and Sport Zone in Portugal) and Cosmos (Greece and Cyprus), as well as our outdoor businesses in the UK (including Go Outdoors, Blacks and Millets).

In FY26 we exited a net of 101 stores, taking the total Complementary Concepts portfolio to 2,723 globally.

Highlights in FY26 included:

Beyond Physical Retail

We made solid progress in FY26 in modernising the Group's supply chain, technology and data backbone to support faster and more consistent innovation, and better customer outcomes. Highlights included:

People, Partners & Communities

We continued to strengthen our people foundation and community impact in FY26, focusing on colleague engagement & inclusion, community programmes and environmental progress across our global footprint. Highlights included:

Updated capital allocation framework, and returns to shareholders

The Board recognises the Group's strong and increasingly cash generative profile, and has therefore updated its capital allocation framework to reflect its ongoing commitment to provide sustainable, attractive returns to shareholders. Supported by a strong balance sheet and a disciplined approach to net leverage, targeting levels broadly in line with investment grade standards, our capital allocation priorities are to:

Ordinary dividend: Reflecting the framework above, and in line with our confidence in our cash generation and our medium-term trajectory, the Board has proposed a final dividend per share of 0.87 pence per share (FY25 final dividend: 0.67 pence per share). This results in a proposed total dividend per share of 1.20 pence per share in respect of FY26, which is 20% higher than the prior year (FY25: 1.00 pence per share).

The final dividend is subject to shareholder approval at the Annual General Meeting on 21 July 2026. If approved, it will be paid on 31 July 2026 to shareholders on the register at close of business on 3 July 2026. The shares will go ex-dividend on 2 July 2026.

Share buybacks: The move to a rolling £200m annual buyback recognises our strong free cash flow generation, and our confidence in its continued strength.

In addition to the ordinary dividend and the first £200m buyback programme (completed in December 2025), we commenced another £200m share buyback programme on 23 February 2026, the first £100m tranche of which is expected to complete in H127.

Q127 trading update

For the 12 weeks to 25 April 2026, organic sales were flat YoY, with a +2.3%pts contribution from net new space, while LFL sales declined by 2.3%. Note that Q1 typically carries the lowest sales weighting to our financial year. Even so, we delivered well around important consumer and product moments including Eid, Easter, US tax refund season and key product launches, underscoring our ability to capture spend when it matters most.

Weather affected performance earlier in the quarter, with wet conditions in Southern Europe and the UK, and a severe cold snap in the US. Trading strengthened through March with a solid performance over Eid, supported by the successful delivery of new product launches. Trading in April was volatile, particularly in Europe and the UK, with a solid performance over Easter but lower footfall throughout the remainder of the month, partially offset by stronger in-store conversion and online sales. Apparel sales continue to be solid across the Group, outperforming footwear.

The Group's gross margin % for Q127 is in line with our expectations and qualitative guidance for FY27 outlined below.

* North America excluding Finish Line Q127 LFL sales: +0.4%

Outlook and FY27 guidance

JD has emerged from FY26 with a stronger operational backbone, clearer strategic focus and the discipline needed to navigate a tougher industry backdrop. The resilience we delivered this year - through cost control, core execution and meaningful progress on our strategic priorities - gives us the platform to further advance our business in FY27.

As set out in our April 2025 Strategy Update, we continue to believe that the markets in which we operate are positioned for average annual medium‑term growth of 2-3%. However, in the near term, the facts and indicators available to us today point to a period of muted market growth in FY27, shaped by a weaker spending outlook for our core customer demographic and ongoing product cycle evolution at some of our major brand partners, particularly in footwear.

The Board is also mindful of broader external forces that could influence near-term market growth, including the evolving geopolitical and macroeconomic environment and their potential impact on consumer finances and/or sentiment. While the Group has no direct exposure to the Middle East (with only a very limited number of franchise stores in the region) and there has been no material business impact to date, we continue to monitor the situation closely. Over time, the potential future impacts of heightened uncertainty may contribute to direct cost pressures, including energy and fuel costs across our store and logistics networks, respectively, as well as potential indirect impacts on pricing and consumer demand should input cost inflation emerge.

Reflecting the uncertainty, we are providing a wider range of profit guidance than we were previously planning for internally. Based on what we know today we anticipate profit before tax and adjusting items of £750m to £850m in FY27, and free cash flow of £460m to £520m.

Against this backdrop, much remains within our control. Consistent with the approach outlined in our FY27 framework in January 2026, we are focused on 'controlling the controllables' and advancing our key strategic priorities at pace. In FY27:

Taken together, these actions ensure we remain well placed to outperform even in a more moderate growth environment, leveraging our strengthened operating model, globally diversified footprint and multi-brand agility.

For further technical guidance on FY27, please refer to page 12.

Régis Schultz

Group Chief Executive Officer

6 May 2026

TECHNICAL GUIDANCE FOR FY27, MEDIUM-TERM FINANCIAL PRIORITIES AND CAPITAL ALLOCATION FRAMEWORK

Please read the cautionary statement regarding forward-looking statements set out on page 3 of this document.

FY27 guidance

Medium-term financial priorities

· Grow sales ahead of our markets:

- Driven by LFL and the contribution from net new space, with the latter at c.+2%pts to +3%pts over the medium term

· Operating margin progression:

- Targeting operating margin(2) progression, driven by Europe and North America, and supported by multi-year operating cost efficiency programmes and operating cost leverage

· Strong cash generation to drive growth investment and attractive shareholder returns:

- Targeting 3-year cumulative free cash flow over FY26 to FY28 of >£1.4bn, supported by profit growth, disciplined capex (with gross capex trending down to c.3% to 3.5% of total sales per annum) and strong working capital management

Capital allocation framework

Footnotes

(1) FY27 PBTAI guidance assumes FX rates of GBP-USD of 1.34 and GBP-EUR of 1.15

(2) Operating margin % before adjusting items, after interest on lease liabilities

CHIEF FINANCIAL OFFICERS STATEMENT

Financial Performance Report

FY26 is a 52-week period ended 31 January 2026. FY25 is a 52-week period ended 1 February 2025.

Financial Performance

Throughout this release,'*' indicates the use of Alternative Performance Measures. Please refer to pages 41 to 45 for further information including reconciliations to statutory measures.

Consolidated Income Statement

Revenue

Group Revenue increased by 10.5% to £12,662m (FY25: £11,458m). At constant FX rates, revenue grew 11.7%. Organic sales growth* of 2.1% reflected 4.2% growth from net new store space offset by a 2.1% decline in like-for-like* ('LFL') revenue. In addition to the contribution from organic growth, 9.7% of the uplift arose due to the full year impact of the Hibbett (£583m) and Courir (£524m) acquisitions completed in the prior year. This was partly offset by a 0.2% reduction in revenue following the disposal of a non-core business.

Store revenue increased by 12.6% (at constant FX rates) with organic store growth* of 2.2%. This was driven by the continued expansion of our store estate in North America and Europe, partially offset by softer trading conditions in the UK. Online revenue increased by 8.0% (at constant FX rates) with strong growth across key fascias in North America and Europe, strengthened by sustained investment in technology platforms and omni-channel ranging. Total store revenue accounted for 78% of Group revenue (FY25: 78%) and online for 20.8% (FY25: 21.4%), with year-on-year mix reflecting acquisitions of businesses with lower online penetration.

From a category perspective footwear represented 60% of revenue, apparel 30% and accessories 10%. Footwear growth trailed the Group's 2.1% organic revenue rate, reflecting a more subdued global footwear cycle, although the overall share remained at 60%, supported by full year contribution from Hibbett and Courir, which are more footwear-centric than other fascias.

Apparel delivered growth (exc Hibbett and Courir) of 4.9%, ahead of the Group's organic rate, underscoring the strength and relevance of our apparel proposition, driven by own brand and fleece categories in North America, and strong women's performance in Europe. This performance reinforces the broad appeal of our proposition and demonstrates our strengthening apparel momentum, offsetting a softer global footwear cycle.

Notwithstanding the strong growth in apparel, the overall mix of categories remained constant year on year, reflecting a full year contribution from Hibbett and Courir, which are more footwear-centric than other fascias.

Gross Margin before Adjusting Items*

Total gross margin before adjusting items* was flat at 47.0% (FY25: 47.0%). Throughout the year, the Group made controlled price investments, particularly in the online offer, to remain competitive and stay close to fast-changing consumer dynamics. The impact of these investments on our gross margin is -30bps, which was offset by higher marketing contributions year on year. While recognised within gross margin for accounting purposes, these contributions are managed operationally to support marketing investment within operating expenses.

Operating Costs before Adjusting Items* 

Operating costs before adjusting items* increased 13.5% to £4,916m. Excluding the impact of acquisitions and disposals and newly opened stores, and at constant FX rates, costs grew 0.4%.

On an underlying basis, with marketing contributions netted off against marketing costs rather than recognised within cost of sales, operating expenses were down 0.2%.

Despite a backdrop of significant cost inflation, particularly across people, property and distribution, we have been able to mitigate the impact through disciplined cost management. This includes labour efficiencies delivered across both stores and head office, supported by improved scheduling and productivity initiatives. In addition, we have realised operational synergies across the Group, including in North America. As a result, underlying cost growth

has remained well controlled.

The overall increase in operating costs is driven by structural factors. £183m of the increase relates to the operating costs associated with new store space, reflecting our continued investment in our store estate. In addition, £432m reflects the annualisation of costs from Hibbett and Courir following their acquisition in the prior year.

A breakdown of operating costs before adjusting items* is shown in the table below.

(1) For the prior financial period ended 1 February 2025, balances have been restated to reflect classification adjustments between cost of sales and selling and distribution expenses, resulting in a net £91m increase in cost of sales, with a corresponding decrease in selling and distribution expenses. Please refer to Note 12 for further details of the restatement.

Net Finance Expense before Adjusting Items*

Net finance expense before adjusting items* in the period was £183m. Interest on lease liabilities increased from £112m to £149m, reflecting the full year impact of prior period acquisitions (Hibbett and Courir) alongside higher discount rates applied to new and remeasured leases in the period.

Finance income was £11m (FY25: £27m), reflecting higher cash and cash equivalent balances held across the Group prior to the Courir acquisition in November 2024 and Hibbett acquisition in July 2024.

Finance expense excluding interest on lease liabilities increased from £14m to £34m, driven by a full year interest charge on the debt facility used to fund the Hibbett acquisition. This was partially offset by a part repayment of $300m of the initial $1bn loan at the end of FY25 and a reduction in the interest rate year on year.

Operating Profit before Adjusting Items and after Interest on Lease Liabilities*

Operating profit before adjusting items and after interest on lease liabilities* of £886m (FY25: £937m) was down 4.0% at constant FX rates and down 5.4% on a reported currency basis. This was driven by lower LFL sales together with underlying margin pressure and higher interest on lease liabilities.

Operating margin before adjusting items and after interest on lease liabilities decreased by 120 basis points to 7.0%, reflecting the deleveraging impact of lower LFL sales and cost inflation, partially offset by cost efficiencies delivered

across the business.

Profit Before Tax and Adjusting Items*

Profit before tax and adjusting items* was £852m (FY25: £923m), down 6.4% at constant FX rates and 7.7% at reported rates.

Adjusting Items

Adjusting items for the period were a net charge of £223m (FY25: net charge of £208m), as detailed in the table below.

The total charge for the period is £223m, of which £4m was a net cash outflow and £219m was a non-cash charge. It is expected there will be a further £44m cash outflow related to these charges over the next two years, excluding any settlement of put and call options.

Acquisition related costs: Acquisition related costs of £12m have been recognised in the period in relation to prior period acquisitions (Hibbett and Mainline Menswear).

Impairment of tangible and intangible assets and investments: The £119m charge in the current period reflects impairments and related costs arising from the ongoing optimisation of the Group's store estate and international footprint. This includes £93m of impairment charges and £5 million associated costs in respect of stores impacted by the Group's strategic review and store closure programme in certain markets, £15m relating to the impairment of the Sizeer fascia, and £5m of costs associated with the exit of the Derby Distribution Centre lease in FY26 following its closure in FY25.

Store impairment charges of £93m have been recognised in the period along with £5 million associated closure costs, directly reflecting the Group's strategic restructuring of the store portfolio. This includes £63m in Europe and £28m relating to Hibbett. As outlined in the CEO report, we are maintaining a disciplined focus on store productivity, including a shift towards 'fewer, bigger, better' locations in the UK, alongside targeted optimisation of underperforming stores across Europe. In Hibbett, the charge reflects the planned closure of lower volume, remote stores with a legacy sporting goods offer, which are not aligned with the Group's strategy to improve overall store productivity and optimise the store portfolio over the next three years.

The impairment charge arises from updated future cash flow assumptions following the strategic review to ensure that store asset carrying values are aligned to expected future performance. The charge is non-cash.

The prior period charge of £112m included significant impairments and closure costs relating to the Derby Distribution Centre and the initial phase of the European store estate review, forming part of the wider European strategy review that has continued into the current year and is reflected in the European impairment charges noted above.

Restructuring: As a result of the optimisation of stores in Europe referenced above, restructuring costs of £16m have been recognised in the current period (FY25: £Nil). This comprises £16m relating to provisions associated with the closure of stores in Germany and the restructuring of the operating model, including support functions, as part of the Group's wider store and cost optimisation programme.

US integration: Integration costs of £18m have been recognised in the current period (FY25: £5m) in relation to the integration of the Group's North American businesses following the acquisition of Hibbett. This forms part of a multi-year programme to create an integrated platform to support the nationwide growth of the JD Brand and Complementary Athleisure fascias in North America, supported by a more efficient supply chain and back office infrastructure. We are on track to deliver annualised cost synergies of $25m across FY26 and FY27.

Amortisation of acquired intangibles: Amortisation of acquired intangibles of £69m (FY25: £57m) has been presented as an adjusting item, consistent with the updated policy introduced in the prior year. This has increased year on year due to the annualisation impact of the Hibbett and Courir acquisitions.

Provision for litigation: During the period, the Group recognised a provision of £14m in respect of a regulatory matter relating to historical employment practices in the US. The Group has already taken actions in prior periods to strengthen its compliance framework in the relevant areas, including enhancements to policies, processes and governance.

Gain on divestments: There is no net gain or loss on divestments recognised in the current period. During the year, the Group disposed of its 77.5% equity interest in Wheelbase Lakeland Limited with nil gain or loss on disposal.

This compares with a £78m gain in the prior year, which primarily arose on the partial disposal of the Group's shareholding in Applied Nutrition.

Put and call options: A £29m net credit has been recognised, reflecting the movement in the present value of put and call options over non-controlling interests ('NCIs'). This comprises a £44m credit in respect of Genesis Topco Inc ('Genesis'), the holding company for the Group's North American businesses, and a £15m charge in relation to Cosmos.

The amendment to the Genesis shareholders' agreement in March 2025, which deferred the exercise profile of the options to 2029 and 2030, represents a material change in the period. The resulting credit reflects the impact of this new agreement, updated forecasts for the underlying business, and movements in the USD/GBP exchange rate, which together have reduced the Sterling value of the option liability.

The Cosmos charge reflects an increase in the valuation of the option liability, driven by updated valuation assumptions. As at the year end, the put and call option was exercisable by either party within 12 months.

This compares with a £62m charge in the prior year, which was driven by a significant increase in valuation following the acquisition of Hibbett.

Joint venture finance costs: This comprises £4m in relation to the Group's exit from its JD Israel joint venture, following the disposal of its interest to its joint venture partner for nil consideration.

Operating Profit

Whilst revenue increased and gross margin remained stable, operating profit declined from £903m to £787m, due to a £102m increase in adjusting items charged within operating profit.

Profit Before Tax

Profit before tax was £629m (FY25: £715m), reflecting a reduction in operating profit of £116m, an increase in net finance expense before adjusting items of £57m, and the positive movement of £87m in the net finance expense charged to adjusting items due to the movement in the present value of put and call options over NCIs.

Income Tax Expense

The income tax expense for the period was £161m (FY25: £175m). The effective tax rate increased from 24.5% to 25.6%, reflecting the absence of non‑recurring tax credits relating to prior periods and non‑taxable income on the disposal of shares in Applied Nutrition that were recognised in FY25.

The income tax expense before adjusting items* for the period was £211m (FY25: £222m). The adjusted effective tax rate* increased from 24.1% to 24.8%, reflecting the absence of non-recurring tax credit relating to prior periods.

Profits Attributable to Non-Controlling Interests

Profit attributable to NCIs fell £18m from £50m in FY25 to £32m in FY26. This is due to the lower amount of profit being generated from the Genesis Group. The only material NCI left in the Group at the end of the period is the 20% in Genesis. 

Earnings per Share

On a statutory basis, basic earnings per ordinary share fell from 9.50p to 8.63p due to the 12.0% reduction in profit before tax and an increase in the effective tax rate, partly offset by a decrease in weighted average shares in issue following the £200m share buybacks in the period.

Adjusted basic earnings per ordinary share* fell 5.5% from 12.39p to 11.71p driven by lower profit before tax and adjusting items attributable to the parent, together with a higher adjusted effective tax rate. These impacts were partly offset by a lower weighted average number of shares and a reduction in profit attributable to NCIs.

Segmental Report

A performance summary of the three reportable segments in the Group can be seen in the table below.

JDJD segment revenue increased to £7,945m, representing growth of 1.9% compared with the prior period, 2.8% at constant FX rates. Organic revenue growth of 2.9%, was driven by net new space growth of 5.7%, partially offset by a 2.8% decline in like-for-like revenue*. Growth was driven by the ongoing expansion of JD's international store base, with 165 new stores opened including 54 relocations during the period, of which 67 were in North America and 68 in Europe, in line with our strategic focus of strengthening JD's global footprint. Gross margin decreased from 48.0% to 47.6%, reflecting targeted price investments, particularly online, in a more promotional trading environment.

Operating profit before adjusting items and after interest on lease liabilities* decreased by 15.5%, driven by LFL pressure, targeted price investments, and with inflation and investment in supply chain, technology and systems, offset by headcount and operating cost efficiencies to support the Group's long-term growth ambitions. This segment represented 63% of Group revenue (FY25: 68%), following the acquisition of Hibbett and Courir, and remains the core focus of our JD Brand First strategy with 2,088 stores operating at the end of the period.

JD UK

The UK remains JD's most mature market. Our 'fewer, bigger, better' estate optimisation strategy continued to enhance the quality and effectiveness of the UK store footprint, with 24 net store closures, reflecting targeted and disciplined portfolio rationalisation. Revenue decreased by 2.1% to £2,607m, with organic sales down 1.7% and LFL sales down 3.5%, reflecting continued pressure on our core consumer, end-of-cycle product headwinds and strong replica trade from the Euros tournament in the prior year. Alongside this, continued investment in a small number of

destination stores to anchor regional presence and deliver an elevated brand proposition was demonstrated by the successful opening of our largest global flagship store at the Trafford Centre in Manchester, UK.

Operating profit before adjusting items and after interest on lease liabilities* decreased by 5.5%, largely due to operating cost deleverage impacts.

JD Gyms delivered another period of growth, with revenue up 11.0% to £136m. The business opened its 100th gym during the year and ended the period with 102 gyms in operation (FY25: 92).

JD Europe

Revenue increased by 9.5% to £2,408m (7.3% at constant FX rates), supported by new store openings, growing brand awareness and continued online growth, against a tough market and competitive backdrop, and varying country dynamics. Organic revenue grew 7.3%, with growth of 9.9% from net new space partly offset by -2.6% in LFL performance, with strong momentum in apparel, expansion of omni‑channel capabilities including ship-from store and click-and-collect, offset by lower footfall year on year and a softer footwear product cycle.

JD strengthened its presence across key European markets, opening 51 net new stores, while maintaining a focus on product assortment, space productivity, and full price sell‑through in an increasingly competitive landscape.

Operating profit before adjusting items and after interest on lease liabilities increased by 7.3% (at constant FX rates), benefiting from cost efficiencies across retail, online and supply chain operations, including the roll-out of automation at the Heerlen Distribution Centre, which now supports JD Europe store replenishment.

Store impairment charges of £63m have been recognised in the period within adjusting items, reflecting the Group's ongoing strategic optimisation of the European store portfolio. In addition, restructuring charges of £16m have been recognised in Germany in relation to actions underway to refine the operating model.

Looking ahead, the Group is concentrating investment on markets with the greatest potential for profitable growth - including France, Iberia, Italy, Benelux, Ireland, Greece and Poland - while progressing restructuring in Germany and optimising store catchments in France and Eastern Europe.

JD North America

JD North America revenue decreased by 1.3% to £2,403m but grew 2.9% at constant FX rates. Organic revenue growth of 2.9% was driven by net new space of 5.7% from 107 net store openings, (including conversions), partially offset by a 2.9% decline in LFL. JD's brand awareness strengthened in the US as we advanced the ongoing conversion programme from Finish Line to JD. Excluding Finish Line, JD North America LFL revenue increased by 3.1%. An enhanced e-commerce experience following the re-platforming of JD and Finish Line earlier in the period drove online growth. This was supported by strong performance in apparel, where the JD product assortment resonated well with consumers, driven by improved online ranging, targeted marketing and controlled price investments. In footwear, momentum in running together with successful retro launches helped balance softer demand across certain end‑of‑cycle product lines.

Operating profit before adjusting items and after interest on lease liabilities* declined by 29% at constant FX on the prior period, reflecting the margin pressures and continued investment to strengthen the long‑term positioning of JD in the North American market.

JD Asia Pacific

Revenue grew 5.2% to £527m, representing growth of 8.5% at constant FX rates. This reflected net space growth of 8.1% from 13 new store openings, including a flagship store in Melbourne, alongside LFL growth of 0.4%. Performance was supported by growth in targeted categories and demographics, driven by improved access to exclusive product and broad‑based category growth. Continued benefits from the roll-out of new e‑commerce platforms further supported trading, complemented by enhanced peak fulfilment capability following the introduction of automation at our distribution centre in Australia.

Complementary Athleisure

During the period, the Group renamed its 'Complementary Concepts' reporting segment to 'Complementary Athleisure' to better reflect the nature of the businesses included within the segment. There was no change to the composition of the reportable segments or to previously reported segment financial information.

Complementary Athleisure comprises our Community business in North America (Hibbett plus City Specialists, DTLR and Shoe Palace); Courir in Europe; and our non-JD fascia stores across Eastern and Central Europe.

Revenue was £3,208m, up 48.2% on the prior period (+53% at constant FX rates), driven by the full year contribution from the Hibbett and Courir acquisitions. Integration across Hibbett and our wider North American fascias continued to progress well, supported by procurement, technology and supply chain efficiencies.

In North America, Community revenue growth reflected the annualisation of the Hibbett acquisition. Organic revenue growth* of 3.7% was driven by 4.0% growth from net new space, including the transfer of City Gear stores to DTLR and Shoe Palace, partly offset by -0.3% in LFL performance. Online trading performed strongly across fascias, underpinned by successful retro launches, an expanded brand proposition and sustained apparel growth.

Operating profit before adjusting items and after interest on lease liabilities* was £210m, up 8.8% (14.1% at constant FX rates), driven by the annualisation of the Hibbett acquisition and the continued integration across the US fascias, resulting in cost synergies.

Store impairment charges of £28m have been recognised in the period within adjusting items, reflecting the Group's ongoing optimisation of the Hibbett store portfolio. We continue to maintain a disciplined focus on store productivity, with actions taken to close smaller stores in underperforming locations and prioritise new larger stores in locations with stronger sale productivity potential.

Revenue in our Complementary business in Europe increased 132% to £832m (125% in constant FX rates), following the acquisition of Courir in November 2024. 

Operating profit before adjusting items and after interest on lease liabilities* increased 357% to £33m (300% in constant FX rates), driven by the annualisation of the Courir acquisition.

Sporting Goods and Outdoors

Revenue in Sporting Goods grew 5.7% to £1,006m (3.7% at constant FX rates), supported by resilient demand across family and performance categories. Operating profit before adjusting items and after interest on lease liabilities* increased by 15.3% (12.2% at constant FX rates), driven by efficiencies across the supply chain and distribution centres.

Outdoors revenue was £502m, down 7.6% on the prior period. Whilst the consistently dry, warm weather supported camping categories, it negatively impacted demand for apparel and footwear. LFL sales declined 5.8%, reflecting a challenging trading environment across high-street locations and online. Online delivery costs, higher store repair expenses and rising utility costs contributed to an operating loss before adjusting items and after interest on lease liabilities* of £3m.

Store impairment charges of £7m have been recognised in the period within adjusting items, reflecting a strategic review of the Outdoors store estate. As part of this review, a number of underperforming locations within the Blacks fascia have been identified for exit over the medium term. This forms part of a broader strategic plan to optimise the portfolio, with an increased focus on larger format Go Outdoors stores and more prominent high street locations.

Geographical Report

A performance summary of the four geographic segments in the Group can be seen in the table below.

The expansion of the Group's operations in North America, following the acquisition in Hibbett and investment in new stores has resulted in it now representing the largest geographic area from both a Revenue* and Operating profit before adjusting items after interest on lease liabilities* perspective, being 38% and 40% respectively. 

Free Cash Flow

A summary cash flow, showing how the change in cash and cash equivalents(1) is calculated, can be seen in the table below.

Profit before tax was £629m (FY25: £715m). The £86m decrease vs. the prior period is explained above.

Non-cash add backs of impairments and adjusting items are explained above.

Lease liability repayments increased 21% to £508m, reflecting the full year impact of lease payments associated with prior year acquisitions of Hibbett and Courir, together with ongoing investment in new stores and supply chain infrastructure.

Total depreciation and amortisation was £966m (£562m on right-of-use assets and £404m on owned assets), an increase of £180m (23%), also reflecting the full year impact of prior year acquisitions together with continued investment in the store estate and supply chain infrastructure.

As a result, the Group operating cashflow net of lease repayments was £1,309m (FY25: £1,267m), an improvement of 3.3% on the prior period, reflecting the continued cash generative nature of the Group.

There was a working capital outflow of £248m in the period (FY25: £137m outflow), comprising an outflow of £55m in inventory to support our new larger stores, an outflow of £84m in trade and other receivables, and an outflow of £109m in trade and other payables, reflecting timing movements and investment in working capital to support trading. Trade and other receivables includes a cash outflow from increases in lease related balances of £70m.

Cash capital expenditure in the period was £401m, down £114m on the prior period. Investment in new store openings reduced as we adopted a more selective approach to expanding JD fascia stores globally. Supply chain capex also reduced, following significant investment in FY25 and prior periods to develop distribution centre capacity across Europe, the US and Australia.

Tax payments were £165m (FY25: £243m), reflecting the timing of payments in the prior period, particularly in the US, together with lower taxable profits in the current period.

Free cash flow increased to £462m (FY25: £339m), reflecting strong underlying cash generation, lower capital expenditure and reduced tax payments in the period.

Repayments of interest-bearing loans and borrowings were £463m (FY25: £501m), with drawdowns of £407m (FY25: £865m). The movements in the current year primarily reflect in year utilisation and repayment of the Group's Revolving Credit Facility ('RCF'), whereas the prior year included significant drawdowns to fund the Hibbett acquisition. In addition, £7m of arrangement fees were paid in relation to the refinancing of the RCF and the $700m Term Loan during the period.

There were no material acquisitions in the current period (FY25: £1,157m), reflecting the absence of significant M&A activity compared with the prior period.

There were no material disposal proceeds in the current period (FY25: £95m), with the prior period including proceeds from the partial disposal of the Group's shareholding in Applied Nutrition.

The Group received £11m in the period relating to shareholder arrangements following the disposal of a 40% interest in its Thailand business, to a minority partner, as part of a strategic partnership to grow our business in Thailand.

The Group paid £52m in equity dividends (FY25: £48m) and completed a £201m share buyback programme (including transaction fees) during the period (FY25: £Nil).

As a result, the change in cash and cash equivalents was an inflow of £153m (FY25: £407m outflow). The Group ended the period with cash and cash equivalents of £836m (FY25: £695m), maintaining a strong liquidity position, and net cash before lease liabilities of £311m (FY25: £52m).

On an IFRS 16 basis, the Group reported net debt of £2,827 million, including lease liabilities of £3,138 million, equating to a net leverage ratio of 1.4x. Including the Genesis put option liability, net debt increases by £787 million, resulting in a net leverage ratio of 1.9x, which remains within the Group's investment grade parameters. The Group continues to maintain a strong balance sheet, supported by significant liquidity headroom.

Refinancing

During the period the Group refinanced its syndicated bank borrowing facility, increasing total committed facility to £1bn, from £700m as at 1 February 2025. The facility has a maturity date of 8 July 2030, and includes two one-year extension options, subject to lender consent.

In addition, the Group entered into a new US Term Loan Facility Agreement with total commitments of $700m. The new facility was drawn in full on inception and has a three-year term, maturing on 8 July 2028, followed by two one-year extension options subject to lender consent. 

The total liquidity from cash and available undrawn facilities is £1.8bn at 31 January 2026 (1 February 2025: £1.6bn).

Acquisitions

The Group did not complete any material acquisitions in the current period.

Disposals

On 24 April 2025, the Group disposed of its 77.5% equity interest in Wheelbase Lakeland Limited for cash consideration of £2m.

During the period, the Group disposed of a 40% interest in its Thailand business to a strategic local partner to support the development of the business, while retaining a controlling interest. The arrangement includes put and call options over the 40% interest, together with governance and contractual rights, which result in the Group retaining control of the subsidiary in accordance with IFRS 10.

No material gain or loss arose on these transactions.

Capital allocation priorities, and returns to shareholders

Our Board recognises the Group's strong and increasingly cash generative profile and has therefore updated its capital allocation policy to reflect its ongoing commitment to provide attractive returns to shareholders. Supported by a strong balance sheet and a disciplined approach to net leverage, targeting levels broadly in line with investment grade standards, our capital allocation priorities are as follows:

Ordinary dividend: Reflecting the framework above, the Board intends to continue delivering progressive ordinary dividend growth. Over time, we expect to move the Group towards a dividend yield more in line with FTSE 350 retail peers while maintaining flexibility to manage macro-economic and trading variability.

The Board has proposed a final dividend per share of 0.87 pence per share (FY25 final dividend: 0.67 pence per share). This results in a proposed total dividend per share of 1.20 pence per share in respect of FY26, which is 20% higher than the prior year (FY25: 1.00 pence per share). The final dividend is subject to shareholder approval at

the Annual General Meeting on 21 July 2026. If approved, it will be paid on 31 July 2026 to shareholders on the register at close of business on 3 July 2026. The shares will go ex-dividend on 2 July 2026.

Share buybacks: The move to a rolling £200m annual buyback recognises our strong free cash flow generation, and our confidence in its continued strength.

In addition to the ordinary dividend and the first £200m buyback programme (completed in December 2025), we commenced another £200m share buyback programme on 23 February 2026, the first £100m tranche of which is expected to complete in H127.

Consolidated statement of comprehensive income

Profit for the period was accompanied by a net movement in other comprehensive income, primarily driven by foreign exchange volatility. The Group recognised a £154m loss on the translation of foreign operations, reflecting the weakening of certain overseas currencies, primarily the US Dollar, against Sterling during the period. This translation impact is non-cash in nature and does not affect the Group's underlying trading performance or cash generation. Partially offsetting this, the Group recorded a £19m fair value gain on financial instruments, relating to its investment in Applied Nutrition, of which we hold 9.78% at period end. This gain reflects an increase in the valuation of the investment over the period.

Consolidated statement of financial position

Total assets at period end of £9,791m are broadly consistent with the prior period £9,959m, with no significant changes in the composition of the balance sheet in the absence of material acquisition or disposal activity during the year. 

Total liabilities are similarly stable at £6,351m (FY25: £6,587m). Movements in the period primarily reflect underlying trading activity and normal course financing and lease movements, with no material structural changes compared with the prior year.

The change in net cash and cash equivalents was an inflow of £153m for reasons explained above. The Group retained a strong balance sheet with net cash before lease liabilities* of £311m.

Post-balance sheet events Disposal of interest in JD Israel

On 15 February 2026, the Group completed the disposal of its interest in the JD Israel joint venture to its joint venture partner, MGS, for £Nil consideration. A provision of £4m in respect of the exit was recognised in the year. See Note 3 for further information.

Share Buyback

As announced on 23 February 2026, the Company has commenced a further share buyback programme to repurchase ordinary shares with a market value of up to £200m, in addition to the two £100m schemes both completed during FY26. The purpose of the programme is to reduce share capital and, accordingly, the shares repurchased will be cancelled or held in treasury. The first tranche of £100m will complete by 31 July 2026, with the second following thereafter for the sum of up to £100m.

Disposal of Interest in Applied Nutrition

In March and April 2026, the Group reduced its shareholding from 9.78% to 9.1% through a series of partial disposals, generating proceeds of approximately £2m. On 16 April 2026, the Group disposed of its remaining 9.1% shareholding for cash proceeds of £49m.

Consolidated Income Statement

For the 52 weeks ended 31 January 2026

(1) Please refer to Note 12 for further details of the restatement. 

Consolidated Statement of Comprehensive Income

For the 52 weeks ended 31 January 2026

The accompanying notes form part of the announcement.

Consolidated Statement of Financial Position

As at 31 January 2026

(1) During FY26 and in the 12 months following the acquisition of Courir, new information has been obtained which provides clarity on the existence of accruals of £3 million and provisions of £2 million that were not reflected within the initial acquisition accounting. This information pertains to facts and circumstances that existed at the date of acquisition, therefore we have revised the acquisition accounting to reflect these balances in accordance with IFRS 3. This has resulted in an increase in goodwill of £5 million.

The accompanying notes form part of the announcement.

Consolidated Statement of Changes in Equity

For the 52 weeks ended 31 January 2026