FY results: what happened? Today JD Sports reported FY Feb-25 Group Adj. PBT of GBP 923m within its guidance range of GBP 915-935m and slightly ahead of company-compiled consensus of GBP 919m. Trading in Q1 is in line with company and consensus expectations, reporting organic sales growth +3.1% and LFL -2.0% (including -5.5% in US and +0.4% in UK). Management did not comment on FY Feb-26 guidance but notes that ''The market remains volatile and visibility on the overall potential impact from tariffs is low''. BNPP Exane View: FY25 and Q1 in line, no update on FY26 guide Today''s new news is that Q1 trading is in line with both company and consensus expectations. What''s disappointing is that today management did not comment on the FY Feb-26 adj. PBT guidance. In April it expected FY Feb-26 Group Adj. PBT to be within the consensus range of GBP 878-982m and that this excludes any impact from changes to tariffs. In respect of tariffs management said: ''We are taking action to mitigate any potential impact through further diversifying the range of countries from which we source own brand and licensed products, continuing to work closely with our brand partners and ongoing cost control''. Likely direction of consensus Management has not explicitly provided FY Feb-26 guidance. In April it expected FY Feb-26 Adj. PBT to be in line with the consensus range of GBP 878-982m, and GBP 920m at the midpoint, and that this excludes any impact from changes to tariffs. Company-compiled consensus has already fallen to GBP 890m since April. Given the in-line FY25 results and Q1 trading, we expect FY Jan-26 consensus to remain broadly unchanged. Anticipated market reaction JD Sports shares are -3% year-to-date (versus FTSE 350 Retail Index +17%). The bulls will likely point to the in line FY25 and Q1 trading; the bears will likely point to no commentary on FY Feb-26 guidance. JD Sports shares have recovered since its FY trading update in April so today we expect the...