Mike Ashley, the founder and controlling shareholder of Sports Direct, has upped his stake in JD Sports to more than 11 per cent.

The move comes a day after the sports and fashion retailer announced stellar Christmas trading.

Ashley has increased his stake in JD from 10 per cent to more than 11 per cent, after it reported it had bucked the retail downturn in yesterday’s announcement that like-for-likes rose 9.3 per cent in the eight weeks to January 5. For the 44 weeks to December 1, like-for-likes increased 11.8 per cent.

The board of JD is to seek investor authority to buy back shares.