Sports Direct to issue trading update

Sports Direct founder Mike Ashley will find out this week if his City charm offensive has worked when the embattled retailer briefs the market with its latest trading update on Thursday.

Mr Ashley was pilloried last year as shares in the company collapsed from their 2006 float price of 300p to 84.25p in December, amid weak sales and a perceived culture of secrets and weak governance. But the shares have rallied in the first part of this year. Schroders’ star fund manager, Andy Brough, was the highest- profile name to be won over, buying a near 3 per cent stake. But Nick Bubb, retail analyst at Pali International, said he was unimpressed by the recent offensive and expects further woes to be revealed by the bargain sports retailer this week.

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