Q4 Trading Update call summary JD Sports provided a recap of the strategy from its CMD in February 2023 and the progress that it has made over the past two years. It then provided an update to its strategy for the medium-term. Other key topics on the call were FY26 Adj. PBT guidance, cost efficiencies and pricing. Understandably management did not provide any colour on the evolving tariff situation but noted that it is in communication with its brand partners. Where do the shares go from here? JD Sports shares are +10% as we write (GBp 69). We think this is fair given that the shares have performed poorly into the print and are -27% YTD. Next news JD Sports will report its FY Results on 21 May. Results recap JD SPORTS: Q4 trading update first take: in line with FY26 guide without tariffs Key takeaways from the call . Tariffs: given the evolving situation management did not provide any colour on the potential impact from tariffs. It noted that it is in communication with its brand partners, which are directly exposed to tariffs. It confirmed that its, and the industry''s, exposure to China is ''minimal'', and that most of what is produced in China is for China. . Continental Europe: it opened the Heerlen warehouse 18 months ago but this has been operating on a manual basis. It plans to start using automation in the summer, ahead of peak trading, which should increase capacity and allow it to close the other temporary warehouses and thereby reduce the double running costs. It expects the full benefit of Heerlen to be realised in FY27. . North America: it has seen strong gains in brand awareness in major cities like New York and Dallas. It is comfortable with its marketing strategy, which is focused on communities. It has seen good success in own brand and license apparel products. However, JD''s strategy is to react to consumer demand so it is not planning on building a significant own brand business. . Product/Brands: Adidas,...