Overall, JD’s CMD gave great exposure to the broader management team and a comprehensive detailed run through on the Group by operating function and region. For us, what shone through every presentation was management’s disciplined analytical approach, laser focus on execution, agility and obsession on driving better returns. The speed at which the market is developing is such that the business is constantly evolving. With the JD core customer at the heart of the Group, we see a huge opportunity to grow the business geographically as well as the ability to selectively expand brand options and category adjacencies. This should reinforce its UK position and keep growth going. Entry into the US was a game changer, with Finish Line giving the Group scale as well as access to the largest athleisure market in the world. There is still much to go after with the integration of recent acquisitions (Shoe Palace + DTLR), improving returns by cross-fertilising excellence from one facia to the others, driving apparel and network expansion. JD Europe continues to have multiple exciting roll-out opportunities and we came away with the impression that ISRG, its sporting goods specialist, also has ambitious expansion plans. In Asia, the Group is fast building a strong platform for future long-term growth. Finally, Outdoor appears to have turned the corner and has the building blocks to develop a profitable business. JD Sports is the category destination in apparel and has an adaptable consumer-facing proposition. Its range of fascias gives it the ability to focus on early adopters (Footpatrol and Size!) as well as the more mass market via JD. The Group has built bandwidth and diversity with extensive brand, product and category access. The strength of its brand relationships are such that it gets exclusive/bespoke product, good allocations and full access to ranges. This enables JD to give its discerning customers powerful reasons why it is the destination of choice. We heard how marketing is focused on being everywhere in the customer journey and maximising JD’s relevance to the consumer by being authentic and aspirational. The company has detailed logistics and property strategies built around agility. We came away as excited as ever about JD’s long-term growth potential and impressed with management’s rigour as well as the depth of talent in the business. We continue to believe there is upside risk to forecasts and the valuation (CY22E PE 20.1x) remains undemanding for a business we believe is capable of delivering double-digit growth for the foreseeable future.