Sports World retailer Sports Direct International yesterday revealed a near 70 per cent drop in profits.
Half year profits at the business, which was floated by tycoon Mike Ashley earlier this year, were £21.2 million, down from £70.1 million last year.
The 462-store business, which owns some of Britain's most popular sports brands including Slazenger, Dunlop and Kangol, said group revenues were down 7.1 per cent to £668.1 million due to "unprecedented weather conditions".
Underlying profits fell 35.2 per cent to £52 million, but a £58 million hit on foreign exchange losses widened the drop in profits at the company's bottom line.
Sports Direct's results for the six months ended October 28 represent the latest blow for the firm since it listed on the stock market in February.
It issued a profit warning in November after England failed to qualify for the Euro 2008 football championships.
Shares listed at 300p after February's float, which saw Mr Ashley pick up a £929 million windfall.
They closed on Tuesday at 84.25p, valuing his stake at £345.8 million.
Sports Direct chief executive Dave Forsey said: "The results reflect a very challenging UK market and the comparative period last year included the football World Cup."
Sports Direct's UK retail revenues for the six month period were down 12.9 per cent to £518.4 million.
The wet summer had contributed to the most "difficult trading period in Sports Direct's history", the firm said.
Mr Forsey also said the business was "completely different" when England did not qualify for a major football tournament.
"We are used to them qualifying for the major tournaments, and we really do gear up the stores," he said.
"It's something we have got used to.
"It's been 14 years since we didn't qualify for a major tournament and we are a completely different business when that happens."
Sports Direct said it was expecting a hit of £50 million on underlying earnings as a result of England not qualifying for Euro 2008, split between the second half of this financial year and the first half of next.
The group also said that England replica shirt manufacturer Umbro, with which it has a licensing relationship, would only manufacture one million shirts instead of three million as a result of England's failure to qualify for Euro 2008.
Referring to recent speculation that he might become chairman of Sports Direct, current deputy chairman Mr Ashley said it was one possible structure.
But he said that he would need a "heavyweight deputy chairman" in that case, and that a decision would be taken with the group's advisers.
Mr Ashley said: "I am happy to do either role.
He also said that he thought shares in the group were "significantly undervalued" and that he had "no regrets" about the flotation.
"We have no current intentions to go private at this time, but obviously I have to have the caveat of never say never," Mr Ashley insisted.
"But 'at this time' is a considerable time - it's not next week, next month, it's a considerable time."
Mr Ashley said keeping Sports Direct a PLC was a matter of pride. "It's not vanity, it's pride," he said.
Shares closed up 16.75p at 101p.