JD Sports Fashion’s Q3 update on Thursday came with a forecast of full-year profit at the lower end of market expectations on the back of weaker macro and consumer indicators in recent weeks.

And while it also reported a 1.7% fall in quarterly like-for-like sales, that was an improvement on the previous quarter’s 2.1% drop as its key US market picked up.

So let’s look at the headline numbers. Total Q3 sales including acquisitions rose 8.1% at constant currency rates (CCY) but that was less than the 15.7% uplift for the first nine months of the year.

But looking at the ongoing business, overall group sales on a like-for-like (LFL) basis fell 1.7% to £2.953 billion and rose 2.4% on an organic basis. The LFL was better than the nine-month drop of 2.2% although on an organic basis for the nine months the increase was slightly higher that Q3’s at 2.5%.

Regionally, as mentioned, North America was down 1.7% in the quarter LFL and up 3% organic at £1.079 billion, and Europe was down 1.1% LFL and up 4% organic at £1.032 billion. The UK was down 3.3% LFL and down 2% organic at £718 million, and Asia Pacific rose 3.9%LFL and 13.3% organic at £124 million.

The company talked of a “solid performance in apparel reflecting strength of the product range”, but “continued softness in footwear with positive momentum within ‘running’ offset by end-of-cycle for key product lines”.

The Q3 gross margin was 30bps lower excluding acquisitions, better than the 40bps lower figure for the year to date.

It added that it continued to deliver against its strategic objectives and successfully launched automation at the Heerlen distribution centre for JD Europe store replenishment, and initiated the rollout of its new e-commerce platform in Europe (now live in Italy) following successful rollouts in North America and APAC earlier this year.

Costs and cash are being well controlled, “with US integration synergies starting to flow through as guided”.

But as mentioned at the start, it’s “mindful of incrementally weaker macro and consumer indicators in recent weeks” and is “taking a pragmatic approach to the FY26 outlook ahead of our peak trading period in Q4”.

CEO Régis Schultz said: “We continued to make good progress with our strategic objectives in the quarter, against what remains a tough market backdrop. Our multi-brand and cross-category approach, and agility in responding to changing customer trends, are helping us to offset known consumer and industry headwinds. We are also controlling our costs and cash well through our focus on operating and financial discipline.

“North America delivered an improved like-for-like sales trend in Q3, alongside resilient trends in Europe. The UK had a better organic sales performance, supported by the continued success of our new flagship store at the Trafford Centre in Manchester. By category, our apparel range is resonating well with customers, providing us with opportunity for growth in underserved key markets. In footwear, notwithstanding known end-of-cycle product headwinds, ‘running’ remains a key trend for our customers and we have a strong product line-up in this area going into our busiest trading period.”