Outdoor clothing retailer Blacks Leisure has suspended director Darren Spurling after finding profits for 2007/08 and 2008/09 would be below forecasts because of accounting discrepancies.
It was found that, in at least two financial years earnings at Sandcity, which sells O'Neill Boardwear goods, had been overstated by about £1m.
The retailer has suspended Spurling, managing director of the division, while it investigates further.
Blacks Leisure reduced its profit target in January as boardwear sales of its Freespirit and O'Neill brands fell by nearly 11%.
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