JD anticipates it will be able to announce its FY22 results (ending 29 January) in early to mid-June. These results have been delayed from 12 April as the accountants wanted longer to complete their global audit process. Management has raised IFRS16 FY22 PBT guidance to c.£940m after finalising certain year-end accounting positions including the calculation of IFRS16. This compares to February’s guidance of at least £900m (Factset consensus £905m; INVe £903m). The IFRS16 adjustment to IAS17 PBT will be a c.£10m benefit (INVe £36m). The stronger underlying performance is from the UK & Europe. Q1 trading robust. For the 14 weeks to 7 May, total sales in the Group LFL businesses (ex DTLR, MIG, Deporvillage acquisitions) were more than 5% ahead YoY, most of which was volume despite a global shortfall in the supply of key footwear styles. Growth has fallen back from ‘more than 10%’ reported in February (for 22 weeks to 1 January) as JD is up against last year’s tough US stimulus cheques comps and the UK spike post stores reopening in April. Reassuring guidance on FY23. Despite a more challenging macro backdrop ahead, management continues to guide to FY23 PBT at least equal to FY22’s c.£940m (FactSet consensus £921m). There will be better visibility on underlying demand in 2H when JD is trading against truly comparable LFLs. Management has not taken into account any FX benefit YTD. We upgrade FY22E/FY23E by 3.5%/3.7% respectively to reflect the new guidance with the FY22E upgrade rolled forward into FY23E. We continue to see upside risk to medium term forecasts. JD Sports’ shares are trading on a very undemanding CY22E PE of 9.5x for a high quality long term growth story, in our view capable of delivering double-digit growth and with further acquisition potential (net cash c.£1.3bn).