Call summary Following JD Sport''s surprise acquisition announcement this morning, management provided a bit more detail on the deal. Questions focused on the impact on the store portfolio, deal mechanics, synergies and supply chain benefits. Overall, management sounded confident on the strategic benefits, particularly on store presence and supply chain, that Hibbett brings to the JD Group. We reiterate our Outperform. Key takeaways from the call: . Store portfolio: management believes Hibbett''s current store portfolio is in a ''good shape'', with Hibbett historically spending USD 60-70m capex per year on refits and refurbs. Management does not plan to rebadge any of Hibbett''s stores as it believes these benefit JD''s smaller markets proposition (like Shoe Palace), providing a more localised offering to consumers. Management believes Hibbett''s store locations ''close the gap'' between JD''s presence in shopping malls and Hibbett''s ''walk to store'' (outside shopping malls) presence. . Deal mechanics: in year 1, the deal is expected to be low-to-mid-single digits accretive to earnings, pre synergies. Hibbett will be acquired through JD''s minority shareholding in Genesis, resulting in JD holding 80% and Genesis the remaining 20%, with the risks and rewards shared equally. . Synergies: these should largely come from back-office integration and Hibbett''s efficient supply chain. Hibbett has a lower cost to serve than JD, therefore JD plans to learn from their efficiencies. Additionally, JD plans to leverage Hibbett''s strong supply chain to support accelerated growth across the JD Group in North America. . Supply chain benefits: the US is a saturated market and management does not believe that its existing warehouses (West and North) can provide the growth needed to scale JD in the US. Hibbett''s warehouse in Alabama has the capacity required to expand JD''s business and serve the full country. . Where do the shares go from here? Having fallen 29% year...