Shares in JD Sports Fashion opened broadly flat on Wednesday after the sportswear retailer's half-year results came in largely as expected, drawing a muted response from analysts.
Deutsche Bank kept a "hold" rating and a 95p price target on the FTSE 100 group, whose shares stood at 78.45p at 8.17 am.
The broker described the figures as a small beat, with adjusted pre-tax profit of £282 million just ahead of the £279 million analysts had forecast.
Sales of £5.9 billion, down 0.7%, had already been reported, and full-year guidance was left unchanged.
With little new information in the release, Deutsche Bank said it expected limited changes to forecasts and the shares to trade broadly flat.
Analyst Adam Cochrane noted that the beat was driven by a better-than-expected gross margin, which fell 20 basis points to 46.8%, a smaller decline than the 50 points feared.
Targeted price cuts online were partly offset by higher marketing contributions from brands.
Adjusted operating profit came in at £294 million, a 5% margin.
Beneath the headline, the broker flagged that profitability remained mixed.
North America was the main weak spot, with regional profit down 32% and margins sharply lower, while the core JD fascia saw profit fall almost 19%.
By contrast, the Sporting Goods and Outdoor arm delivered 32% profit growth and wider margins.
The group ended the half with net cash of £168 million.
JD reiterated its full-year guidance, which it had already trimmed at the second-quarter stage, of adjusted pre-tax profit between £700 million and £800 million.
The shares have had a torrid run, trading well below their 52-week high of £1.05 amid a tough consumer backdrop and a shift in the footwear market.
