Profits at JJB Sports tumbled 38.3% to £11.2 million against last year's football World Cup figures.
The company said the performance for the six months to July 29 was "worse than expected" even taking into account tough comparisons from last year's World Cup sales which topped £20 million. Group sales were down 4.3% for the 26 weeks to July 29. The pre-tax profit figure included £2.9 m of net gains relating to disposals of property.
Chairman Roger Lane-Smith said the company was implementing measures to reduce its dependency on tournament years.
Current trading was in positive territory, with like-for-like sales up 5.2% for the eight weeks to September 23.
However Roger Lane-Smith said: "We had formerly anticipated that our second half trading results would be materially better than the comparative period. Whilst I am disappointed that our trading results to date have necessitated this change in our anticipated outcome for the year, we have fully taken into account what we consider may be the impact of restricted consumer spending over Christmas and New Year."