At its peak in 1998, the company made 1.2bn for the year. Some of the drag on profits was attributed to exceptional charges in connection with Mr Vandevelde's restructuring efforts. The company's new head office will be located in the Paddington Basin in west London. The new property can only house 1,600 people and head office job cuts are expected. That figure will be released at the annual general meeting in June.
Analysts expect sales to have fallen during the winter.
Most importantly, the UK business has much clearer focus and direction to deliver adult clothing ranges of greater quality and appeal in a better store environment. The results will not be seen overnight, but our customers will see a gradual and progressive improvement as changes take place.