ENTREPRENEUR Mike Ashley's Sports World empire continued to disappoint investors, and shares slid five per cent after a trading update.

Newly-listed Sports Direct International, which owns Sports World and London's Lillywhites store, warned that sales growth in its UK retail business was slower than earlier in the year.

While the company said sales remained positive, the City put further pressure on the share price, which went 24 per cent lower than the 300p flotation price in February. Shares fell four per cent to 226p.

Philip Dorgan, an analyst at Panmure Gordon stockbrokers, downgraded his profits estimates by 20 per cent for next year and said the trading statement raised "more questions than it answers".

Mr Dorgan is now looking for profits of £155m in the next financial year, while also lowering his forecast for the current period - which runs until the end of April - by nine per cent, to £141m.

Sports Direct said its key performance measure of earnings before exceptional items would be "broadly in line with latest market expectations".

The group is the UK's leading sports retailer by revenues and operating profits.



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