Pre-tax profits at Sports Direct slumped 35.2 per cent to £52 million in the first half.

The sports retailer said sales were affected by unprecedented bad weather conditions in the summer.

For the 26 weeks to October 28, group revenue was down 7.1 per cent to£668.1 million. UK retail revenue for the period fell£77 million.

Sports Direct chief executive Dave Forsey said: “The results reflect a very challenging UK market and the comparative period last year including the football World Cup. These also demonstrate the resilience of our business under such pressures from external factors. We remain determined to adapt our strategy, consolidate our market leading position and develop our strong brand portfolio to drive long-term growth.”

The sports retailer has not updated the City on its search for a chairman, with the latest reports suggesting that founder Mike Ashley would install himself in the role.

In the period, Sports Direct bought a 60 per cent stake in Field & Trek for£5.1 million and bought boxing brand Everlast for£80.4 million. It also purchased the remaining 20 per cent of Sport 2000 Slovenia, the number two Slovenian sports retailer. Yesterday it sold Original Shoe Company to JJB Sports for£5 million.

The group operates 478 stores, of which 425 are located in the UK, 35 in Belgium, 14 in Slovenia and four in Holland. In the period, 22 stores were opened in the UK and five were relocated. By the end of 2008, Sports Direct expects to open 10 stores in South Africa via its partnership with Dubai based company Retail Corp.