Philip Green and Mike Ashley still back us despite profit alert, says MySale

Retail tycoons Sir Philip Green and Mike Ashley have not lost their faith in online fashion retailer MySale despite a major profit warning late last year, the boss of the firm has said.

Support from the duo to MySale Group has been “outstanding”, according to Carl Jackson, chief executive of the e-tailer, which sells out-of-season clothing.

Sir Philip owns 22%, while Ashley’s Sports Direct owns 4.8%.

The group floated at 226p last June but the profits shock devastated the shares, which rose modestly to 53.5p today.

Jackson added that Sir Philip and Ashley have encouraged the group “to get back to where it was”.

The alert came after unexpectedly tough trading in Australia and New Zealand. Today’s figures showed gross profit dipped to A$28.4 million (£14.4 million) from A$32 million in the six months to December 31.

But decisions in December to exit the US and Korean markets and cut promotional costs “have already had a positive impact”, the firm added.