Sports Direct admitted today that its profits have slumped after the toughest 12 months in its history and warned that the current year would be no better.

The sports goods retailer, which has been criticised for not releasing more information to investors, reported that underlying profits had fallen 30% in the year to April 27, to £150m.

It blamed the drop in consumer spending, poor weather, and the England football team's absence from this summer's Euro 2008 football finals which hit sales of branded shirts. Overall group revenue was down by 6%.

"'The trading environment in Sports Direct's first year as a listed company has been the hardest we have faced in our history, inevitably impacting our results," said Dave Forsey, chief executive.

The previous year, Sports Direct – which runs the Sports World chain of discount sports stores and owns brands including Lonsdale, Karrimor, Slazenger, Dunlop and Everlast - made profits of £208m.

Forsey admitted today that in the current economic climate, Sports Direct did not expect any growth in profits this year.

As usual, the company did not give data on like-for-like sales, which would let analysts view its performance at stores which were not newly opened or refurbished. It did, though, say that it hopes to start releasing this information annually, starting in 2009.

Shares in Sports Direct fell more than 5% in early trading to 68p, nearly 80% lower than the 300p at which the company floated in February 2007. The flotation earned founder Mike Ashley over £900m.