Troubled retailer Sports Direct suffered yet another round of criticism yesterday as City analysts scorned the level of disclosure in the group's Christmas trading update.
'We see little merit in holding the shares unless the management is prepared to provide materially improved visibility…and a better-articulated strategic vision,' Merrill Lynch said in a note.
Philip Dorgan from Panmure Gordon was equally critical, the Guardian reports. Dorgan described the statement as 'not full enough'
Sports direct said that profits for the 11 weeks to 13 January 2008 were £126m on revenues of £280m, but refused to compare the period with trading from the previous year.
The company, founded by Mike Ashley, has suffered endless problems with is governance and accounting disclosure. Finance director Bob Mellors has been on the receiving end of much of the City's criticism.
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