JD Sports Reports Record First Half Revenue

JD Sports has reported record interim results for the six months ending August 3, 2024, achieving revenues of £5.032 billion, a 5.2% increase year-on-year, alongside a 2% rise in pre-tax profit to £405.6 million. The retailer attributes its success to a robust multi-brand strategy and the recent acquisition of American sportswear retailer Hibbett, which strengthens its presence in the U.S. market. CEO Régis Schultz emphasized the company's agility in adapting to changing industry trends and its commitment to long-term growth, reiterating guidance for full-year profits between £955 million and £1.035 billion. The acquisition of Hibbett is expected to significantly contribute to revenue, accounting for about 40% of sales in the U.S., where JD Sports plans to open around 700 new stores in the next four years. JD Sports also increased its interim dividend by 10% to 0.33p per share, reflecting confidence in its operational performance despite a volatile market. The company's shares have seen a recovery of more than 12% over the past month, following earlier downgrades in profit forecasts.