FY results call summary The main points on the JD Sports FY earnings call included changes to the competitive landscape, the product pipeline and the US consumer. We expect the mid-point of FY-Feb 26 Adj. PBT consensus estimates to remain broadly unchanged at GBP 890m, as management said it was comfortable with this figure, which has fallen in recent weeks. This guidance still excludes the direct and indirect impact of tariffs, which management said remain unclear at this stage. Where do the shares go from here? JD Sports shares are -10% as we write (GBp 84). We think this reflects the ongoing challenges in the North American market, highlighted by the weak Q1 like for like sales. Management said that it is comfortable with the new mid-point of FY Feb-26 Adj. PBT consensus, which is c.3% lower than when it last reported in April. We rate JD Sports Neutral. Next news JD Sports is scheduled to report a Q2 trading update in August. Results recap JD SPORTS: FY results first take: in line trading, no FY26 guide Key takeaways from the call . Current trading: management is pleased that the UK market has picked up more recently, with Q1 (13 weeks to 3 May, representing c.15% of full year) LFL sales growth of +0.4%. European sales growth has also been positive, although high costs and less sports fashion appetite in Germany have been hurdles, while trading in the US has been more challenging. It notes soft store traffic across its markets and ''very challenging'' market conditions. . FY Feb-26 guidance: management is comfortable with the mid-point of FY Feb-26 adj. PBT consensus at GBP 890m. This is c.3% lower than when the company last reported in April, when the mid-point was GBP 920m. Profitability is expected to be more second-half weighted than previous years, reflecting minimal contribution in H1 from Hibbett and Courir net of higher financial charges. Second-half profits should be supported by higher contribution from these...