Bob Mellors, the embattled finance director of ailing sports chain Sports Direct, came under further pressure yesterday after being accused by analysts of failing to explain whether a currency crisis in the company was avoidable.
Accountancy Age, 20 Dec 2007
According to the Daily Mail, Mellors stood accused, during presentation of the company’s interim results, of not elucidating on whether the loss of £31m, on the back of currency deal to buy US dollars, could have been avoided.
Sports Direct, its FD and its eccentric CEO Mike Ashley have been under attack all year from the City and analysts standing accused of failing to make themselves available for meetings and failing to explain the company’s strategy.
Yesterday Sports Direct revealed a 32% decline in first-half profits before tax to £52m. Ashley blamed the poor performance on three ‘train wrecks’ – summer rain, slow Christmas trading and England’s poorly performing football team. The currency problem came on top of the company's triumvirate of difficulties.
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