JD Sports has seen its revenue jump by 5.2% year-on-year in the six months to 3 August to £5.03bn, a company record.

In the sports fashion firm’s H1 results, operating profit increased by 6.7% to £451m, while its profit before tax jumped by 2% to £405.6m.

In this period, JD Sports increased its dividend by 10%, now standing at 0.33 pence per share.

Furthermore, across the first half of its financial year, JD operates 4,506 stores, an increase of 1,189 from the start of the year. This reflects store openings, ongoing disposal of non-core stories and the Hibbett acquisition.

However, revenue in its outdoors sales dropped by 3.2% year-on-year to £263.3m. This was a result of product lines being delayed by issues in the Red Sea earlier in the year, as well as an earlier Easter which fell outside of the camping season for the first time since 2018.

Poor weather in the second quarter also compounded this issue, reducing demand for season outdoor living products such as tents and camping equipment.

Chief executive officer at JD Sports, Régis Schultz, said: "We have today reported record interim results with Group revenue of £5bn, and profit before tax and adjusting items of £405.6m, underscoring our ability to outperform the sector in a volatile global marketplace. Our success is a direct reflection of the strength and agility of our global, multi-brand strategy, which allows us to adapt swiftly to fast-changing industry trends across the world, and our operational excellence. This ensures we continue to deliver an industry-leading customer proposition both in store and online.

"Our acquisition of Hibbett, Inc., which completed just before the period end, is a key milestone in our international development and advances the global nature of the group through our strengthened position in the US."

Looking towards the rest of the financial year, the firm said that its current trading performance is in line with expectations, with its overall guidance range reaching between £955m-£1.035bn.

Furthermore, Hibbett is expected to contribute £25m in profit before tax, reflecting the business contribution from completion.

Equity analyst at Hargreaves Lansdown, Aarin Chiekrie, added: "There’s a lot to like about the market that JD Sports operates in. The global sports apparel market is huge – currently valued at $247bn (£186bn) and expected to grow to $342bn (£257.5bn) by 2029. To service all this demand, JD’s continuing to expand its footprint through acquisitions and new store openings.

"The recent US-based Hibbett acquisition is massive, increasing the group’s store count by around a third. That means there are serious growth opportunities ahead if JD can nail its execution. The valuation’s still a long way below its long-term average, which looks like an attractive entry point for investors willing to bet on and upturn in the retail sector."

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