Speaker: Regis Schultz, CEO What we learned: . Product trends: there were broad discussions about the performance of different sports brands within JD stores. Management sees the division between lifestyle and sports performance as somewhat blurred, with the current trend for ''comfort walking'' noticeably bringing success for running silhouettes within JD stores. It sees low-profile as a fairly small part of the market. . Shelf-space: there were questions about the allocation of in-store shelf space among brands. JD''s buyers are organised by category, e.g. running and retro basketball, rather than by brand. Space allocation decisions are made by the stores rather than determined by head office based on negotiations with the brands. Management described the difference between the role of a retailer, to curate the best assortment and select hot products, and a distributor, which is less discerning about the products it takes from brand partners. It believes that brands value differentiated retailers more highly in the medium-term, even if it means their shelf-space may fluctuate. . Tariffs: as JD said on its recent earnings call (see here), it has not seen a direct impact from tariffs on the US consumer. It expects US industry prices to rise under the current tariff scenario (we think by c.4%). The reaction to tariff uncertainty has been orderly and rational in the industry, having learnt from previous dislocations like Covid. . Infrastructure investments: management has been investing in the group''s infrastructure, and believes it is two-thirds to three-quarters through this process. By the end of calendar 2026 the supply chain investment should be complete, with double-running costs fully rolling off by 2027, and provide capacity for 5+ years. It is confident that this can drive margins higher in Europe since supply chain costs are higher as a percentage of sales than in other markets. Management noted that group profits in recent years had...