Investment case

Strong global footprint across growing markets

JD Group (‘JD’) operates at global scale with our own operations in 36 countries (excluding locations where we have franchised stores), and nearly £13bn in revenue. While the global sports fashion market has matured after many years of high growth, it remains structurally attractive, supported by dynamic and long-term casualisation & active lifestyle trends. With 75% of revenue from North America, Europe and Asia Pacific, we have significant runway to further grow our sales and market share in these regions.

Leveraging an agile, multi-brand and multi-strategy business model

Our multi‑brand model is more diverse than ever, enabling JD to partner with both global leaders and emerging brands, thereby “winning with the winner”. We benefit from strong brand relationships, premium product allocations, exclusive product (informed by our unique customer insights), and added resilience and relevance via our multi‑category assortment (with apparel sales penetration now at 30%). Our retail‑first model – buying deep, not wide – keeps us agile and ahead of fashion trends.

Enhancing operational efficiency to strengthen profitability

We have a growing track record of discipline and agility across our operating cost management, store productivity initiatives and supply chain optimisation. Our focused approach positions us to expand our profitability over time, particularly in Europe and North America where we see the most runway for operational efficiency improvements.

Accelerating multiple levers to drive sales growth

We are accelerating a broad programme of strategic initiatives across marketing, product ranging, digital and data, loyalty and personalisation, AI‑enabled capabilities and store footprint optimisation. 

These levers deepen customer engagement, enhance conversion and basket size, and increase the productivity of our stores and online channels, supporting sustained, market‑beating sales growth.

Driving growth through a customer-focused omni-channel proposition

JD’s omni-channel proposition combines vibrant, theatrical stores – where sports fashion meets music and youth culture – with cutting-edge digital experiences. With online representing 21% of sales, and more touchpoints through click & collect and ship‑from‑store, we are strengthening our ecosystem to meet customers wherever and however they choose to shop. Our global e‑commerce re‑platforming and AI‑driven agentic commerce initiatives will further enhance discovery, personalisation, speed and convenience for our customers.

Prioritising cash generation and enhanced shareholder returns

JD’s resilient business model generated over £1.3bn of operating cash flow and £462m of free cash flow in FY26. Net leverage stands at 1.4x, with net cash (excluding leases) of £311m. We expect to continue generating significant free cash flow over the medium term, supported by profit growth and more effective working capital management. This underpins our commitment to continue delivering significant cash returns to shareholders.