JD Sports Fashion Plc (JD.L): More promotional environment in the US, drives FY24E/25E PBT to £920mn/£975mn; PT to 180p, 2024 | 3:10AM GMT JD Sports released a trading update with cFX organic sales c.+6% yoy in the 22 weeks to 30 December 2023, with LFL +1.8%, and gross margin in line with last year following elevated promotion in the US (vs previous increase guidance). Updated FY24 guidance: 1) FY24 PBT now expected between £915 - £935mn vs previous guidance in line with then consensus at c.£1,041mn; 2) Full-year cFX organic revenue growth to be c.8% (vs previous guidance +HSD%); 3) Gross margin rate for FY to be slightly lower than last year of c.47.8% (previously higher yoy); 4) Reclassification of certain capex into opex at c.£7mn, and lower interest income of c.£8mn, following the ISRG acquisition, as well as the previously announced dual running infrastructure costs.