Investment case

Operating at scale in a growing market

We operate in the Global Sports Fashion market which is attractive and growing, benefiting from the ongoing casualisation and active lifestyle trends.

After a period of rapid development, we currently expect the sportswear market to grow at a slower rate over the medium term, in line or slightly lower than the last two years at 2 to 3% annual growth on average.

2-3%

Optimally positioned to gain share in North America and Europe

We are a global market leader in sports fashion, with strong positions across all our regions. A key strength is our ability to see the world through the mindset of our customer.

In North America and Europe, we see headroom for further growth as we continue to roll out our successful model, leveraging our acquisitions and through selective physical expansion across both our core JD proposition and our Complementary Concepts fascias.

Strong and agile multibrand business model

Our strong and agile multibrand model enables visibility over trends and a deep understanding of our customer. This gives us the ability to grow ahead of the market. We have leading store economics, strong brand relationships and a proven ability to drive and respond to trends.

We are a key partner for both established global sportswear brands and emerging fast-growing smaller brands.

Our strong brand relationships lead to optimum product allocations including a high level of product exclusivity

150+

Customer focused omnichannel model

We have moved from a multichannel to an omnichannel model. We are channel agnostic: our goal is to meet our customer’s needs whether they want to buy in store or online, and deliver in store or at home.

Our stores and fascias are designed to fit our communities, while our digital footprint moves with the fast pace of the modern consumer.

We continue to roll out the JD STATUS programme globally, building on the success in the US and the UK.

>8m

Operational excellence to grow profit ahead of sales

We have invested to ensure we have the right foundations in place to deliver profit growth ahead of sales over the medium term.

We are highly disciplined, with a clear focus on our operating efficiency and the cost base. We will deliver synergies from our recent acquisitions and reduce double-running costs as we begin to see the benefits of our infrastructure and supply chain investments.

8.2%

Strong cash generation and disciplined capital allocation

We are a highly cash generative business. This underpins our strong balance sheet position and provides headroom for investment and to meet our commitments.

We have a clear capital allocation framework and are committed to delivering returns to shareholders.

£1.2bn