Promise of more Sports Direct information for the City

Mike Ashley's Sports Direct is to bow to City pressure and start giving investors better key financial information such as up to date, like-for-like sales - but not yet.

The sportswear retailer, majority controlled by Ashley, has been at loggerheads with the City since its stock market debut in February 2007.

Today it confirmed it is on track to make underlying profits of £135 million for the year, a 30% slump in profits over the two years it has been a publicly listed company.

For its third trading quarter to the end of January, Sports Direct reported better-than-expected sales up 12% to £355 million, but worse than forecast gross profit margins - down to 40% from 45%.

"Gross margin was impacted by the weaker pound against the US dollar as a substantial proportion of the group's imports are paid for in US dollars," said Sports Direct chief executive Dave Forsey.

However, the company again refused to give meaningful underlying comparative sales information.

A group spokesman said that from July - when it reports its full-year figures and first-quarter trading - Sports Direct will include data such as like-for-like sales.

Floated at 300p, Sports Direct shares are now trading at 61¾p, up 3p on last night's close.