Is sports retail giant running to stand still?
September 28, 2025
|Scottish Sunday Express
THE SHARE HUNTER HARGREAVES LANSDOWN
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MATT BRITZMAN SENIOR ANALYST Hargreaves Lansdown www.hl.co.uk
JD SPORTS is still moving, but the pace has slowed. Headline numbers looked strong last week, with first-half sales up 20%, but that's flattered by recent acquisitions. Strip those out, and like-for-like sales fell 2.5% - a meaningful drop when margins are already tight.
The UK and Europe remain soft spots. Last year's boost from the men's Euros set a tough benchmark, and this time around, the tills are quieter.
Add in higher employer taxes and minimum wage hikes, and the cost base is feeling the squeeze. Across the Atlantic, the story's been even tougher. A weak macro backdrop, delayed product launches, and aggressive discounting by rivals have all hurt.
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