The company, hit on Monday by the sudden death of its chief executive Duncan Sharpe, said pre-tax profits for the six months to July came in at �39.3m ($55m), down 17% on the same period last year.

The figure was in line with expectations, with most analysts trimming their original forecasts following a profit warning during the summer.

JJB Sports said the decline reflected tough competition in the market for sports clothing, and warned of even tougher times ahead.

Buyout still on

The company's chairman and acting chief executive David Whelan said market conditions "may well become more difficult depending upon the general economic climate".

But JJB Sports cheered investors by confirming that it is still considering a return to private ownership, a move that would see the company buying up its own shares.

There had been speculation that Mr Sharpe's death could derail JJB Sports' plans to withdraw from the London Stock Market after eight years as a listed company.

In the City, JJB Sports shares were 6.5p higher at 142.5p in late afternoon trade, off earlier highs.

The move to take JJB Sports private follows steep declines in the company's share price, which is down by about 70% since the start of the year.

Mr Whelan paid tribute to Duncan Sharpe, saying he would be "sorely missed by family, friends and company alike".