Sports Direct on track to be 'Selfridges of sport' says Mike Ashley

In a trading update, the chain said the outlook "remains optimistic", with earnings growth expected to be 5% to 15% ahead of last year and the performance of its "new generation flagship stores" exceeding expectations.

Newcastle United owner Mr Ashley said: "We remain fully focused on our strategic goal of moving our core business towards the 'Selfridges' of sport in order to further strengthen our proposition and drive long-term profitability."

His comments come as pressure mounts on chairman Keith Hellawell, with a number of investors in the retailer publicly voicing their opposition to his re-election ahead of a crunch vote at today's annual general meeting.

The former West Yorkshire Police chief constable and government drugs tsar has presided over a long list of scandals and controversies at the chain, and has pledged to step down if he does not receive the support of a majority of independent shareholders.

In January, Mr Hellawell saw 54% of independent shareholders vote against his reappointment and was only saved by Mr Ashley, who owns 55% of the company and whose backing meant he was re-elected with a total of 80.92% of votes cast.

Hermes Investment Management, Royal London Asset Management and Standard Life Aberdeen are among the investors to say they intend to vote against the chairman's re-election.

As part of the trading update, Mr Ashley, confirmed that Sports Direct now owns 100% of premium fashion chain Flannels.