BusinessCompany NewsSports Direct under pressure – again

Sports Direct under pressure - again

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.

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.

For more got to

On
the Money – Mellors and the City

Sports
Direct’s FD enjoys mega-bonus

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