Q4 Trading Update: what happened? Today JD Sports'' reiterates its FY Feb-25 Group Adj. PBT of GBP915-935m, as well as providing regional and segmental detail of its Q4 sales. Regionally, the US and UK weak like-for-likes largely offset the positive growth in Europe and Asia Pacific. Management also provided FY Feb-26 Group Adj. PBT guidance of GBP878-982m, which is based on the range of consensus estimates and GBP920m at the midpoint. JD also released its medium-term plan update, and it now expects global sports fashion to grow at a slower rate over the medium term. BNPP Exane View: in line FY25 and FY26 guide, intended GBP100m share buyback In January, JD Sports lowered its FY Feb-25 Group adj. Profit guidance and offered a ''cautious view of the new financial year''. Today, it reconfirms its FY25 guide and expects FY26 Adj. PBT to be in line with consensus expectations. However, the FY26 guide excludes any potential impacts from changes to tariffs. It says: ''We expect the trading environment in our key markets to be volatile throughout the year and we have started the year in line with our expectations''. It has also announced an intended share buyback programme of GBP100m. Likely direction of consensus Management reiterates its FY Feb-25 Group Adj. PBT of GBP915-935m guidance and expects FY Jan-26 Adj. PBT to be in line with consensus range of GBP878-982m, and GBP 920m at the midpoint. This guidance excludes any potential impact from changes to tariffs. It says: ''At this stage, the outcome of these developments is uncertain. We are in regular dialogue with our brand partners, but it is too early to comment on the potential sector impact.'' Anticipated market reaction At yesterday''s close, JD Sports shares are -34% YTD (versus FTSE 350 Retail Index -4%). As we write, the shares are +8% (GBp68). The bulls will point to the current trading in line with expectations, FY26 Adj. PBT guidance in line with consensus expectations, and a GBP100m share...