LONDON, August 20, 2026, 10:10 BST.
- JD Sports shares fell 12.1% to 82.12 pence in London morning trade.
- The fall erased an estimated £545 million of equity value.
- North American like-for-like sales dropped 6.8% in the second quarter.
JD Sports Fashion plc LON:JD lost about £545 million of equity value on Thursday morning. The estimated loss was almost 11 times the £50 million cut to the midpoint of its annual profit guidance. Shares traded at 82.12 pence, down 12.1%, at 10:09 BST.
The gap shows investors pricing more than one weak quarter. They are questioning JD’s growth engine in North America, which supplies more than one-third of group sales. That region’s like-for-like revenue fell 6.8% during the second quarter.
JD cut its forecast for profit before tax and adjusting items to £700 million–£800 million. The prior range was £750 million–£850 million. The new midpoint is 6.3% lower and sits 12.0% below last year’s £852 million result.
| Profit measure | £ million | Change versus new midpoint |
|---|---|---|
| FY2025/26 actual | 852 | -12.0% |
| Previous FY2026/27 guidance midpoint | 800 | -6.3% |
| New FY2026/27 guidance midpoint | 750 | — |
Chief Executive Régis Schultz said, “Our guidance reflects a pragmatic view of external market conditions.” JD described footwear demand as soft and the U.S. market as highly promotional. Back-to-school buying also started later than expected.
| Region | Q2 like-for-like sales | Signal |
|---|---|---|
| North America | -6.8% | Largest drag |
| Europe | -2.7% | Weaker |
| United Kingdom | +0.8% | Modest growth |
| Asia Pacific | +1.4% | Best region |
| Group | -3.1% | Contraction |
Nike, Inc. NYSE:NKE supplies more than 40% of JD’s group sales. That concentration leaves the retailer exposed to the pace of Nike’s product reset. It also limits JD’s ability to offset slower footwear demand quickly.
The valuation move was harsher than the guidance arithmetic. Using roughly 4.81 billion shares, the 11.34-pence decline erased about £545 million. JD’s implied equity value at 82.12 pence was about £3.95 billion.
| Market measure | Value | Investor read-through |
|---|---|---|
| Previous close | 93.46p | Pre-warning price |
| Price at 10:09 BST | 82.12p | -12.13% |
| Estimated equity-value loss | £545m | About 10.9× the £50m midpoint cut |
| Implied equity value | £3.95bn | About 5.3× new profit-guidance midpoint |
The selloff also pushed JD below most published analyst targets. Yet those targets predate Thursday’s warning. The consensus snapshot was last updated on August 12, making revisions likely.
| Analyst | Firm | Recommendation | Target | Target versus 82.12p |
|---|---|---|---|---|
| William Woods | Bernstein | Buy | 100p | +21.8% |
| Richard Chamberlain | RBC | Hold | 100p | +21.8% |
| Robert Krankowski | UBS | Hold | 86p | +4.7% |
| Grace Smalley | Morgan Stanley | Hold | 85p | +3.5% |
| Monique Pollard | Citi | Hold | 83p | +1.1% |
Investec analyst Kate Calvert said a sustained recovery was unlikely “until downgrades stop.” She also pointed to excess stock and Nike’s slow momentum. Her view suggests the next catalyst may be inventory clearance, not valuation alone. Reuters
Risks: Promotions could remain intense through the second half. A weaker U.S. consumer or slow Nike recovery may force another downgrade. Faster inventory clearance would improve that outlook.
Investors next need evidence that North American sales can stabilise without deeper discounting. JD’s half-year results are scheduled for September 23. Margin, inventory and U.S. back-to-school demand will set the tone.
JD Sports Fashion
The repricing was bigger than the cut
The market-value loss was roughly 10.9 times the £50m reduction in the guidance midpoint.
Q2 like-for-like sales
The U.S.-heavy North American business drove the group contraction.
Profit guide bridge
Adjusted pre-tax profit, £m. The new midpoint is 12.0% below FY2025/26.
Analyst targets: upside, but stale
Pre-warning data Last updated 12 August 2026.
