Earnings fall 35% at Sports Direct

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With sales down 7% to £668 million, profits at the leisurewear chain slumped 35% to £52 million in the half-year to the end of October. From these meagre returns, founder and deputy chairman Mike Ashley is pocketing £10 million from an interim dividend payment of 2.06p a share.

Ashley holds 68% of the stock and is increasingly expected to take the business private, bringing an abrupt end to a run on the stock market that has been a disaster for everyone except him.

Ashley, perhaps fighting a perception that he is Britain's equivalent of the reclusive Howard Hughes, took questions today. He said he has "asbolutely no" plans to buy up the few shares he does not own. "It is not vanity, it is pride. We got in to this car and we are committed to it," he said.

He attacked the City for undervaluing his business, saying bad weather and England's failure to quality for Euro 2008 are the reason for the slump.

"I think the City has completely over-reacted to a couple of events that are not in Sports Direct's power," he said.

Ashley insists that the fortunes of the company will rebound along with those of the England football team.

"I would like to personally guarantee the nation we will qualify for the next World Cup. The chances of us not qualifying again are very, very remote. There will be a frenzy. You watch the nation go."

Ashley could step up to executive chairman, but said the company is still in the process of "finding the right structure and the right person".

Ashley took £927 million out from the flotation of the business in February, using some of the money to buy Newcastle United.

The City was relieved the figures were not worse, and the shares, floated at 300p, jumped 9¾p to 94p.

Merrill Lynch - which led the float - issued a note last week in which it admitted relations with management have almost completely broken down. Today Ashley agreed his standing in the City is low. "I accept that we have had train wrecks. I have got a broken nose, a broken leg and a broken arm. I am still getting on to the next train," he said.