Jacques Vert, the occasionwear retailer, has vowed its turnaround will be complete by summer 2005, as it struggles to integrate the William Baird clothing business.
Jacques Vert chief executive Paul Allen said: 'In 18 months, the process should be complete.' The focus for this year is to reorganise the Melka Tenson wholesale menswear business, fully integrate the womenswear brands acquired from Baird - Windsmoor, Planet and Precis - and steer the product towards a more contemporary feel.
On Tuesday, Jacques Vert reported disappointing first-half sales and weak trading in the first 10 weeks of the second half.
Pre-tax profit for the six months to end-October came to£1.3 million, after the unwinding of discount on provisions, property losses and rationalisation costs, compared with£1.8 million for the same period last year.
Sales fell 10.5 per cent to£83.6 million compared with£93.4 million last year. In the first 10 weeks of this half, sales fell 15.4 per cent overall and 12.9 per cent like for like.
Seymour Pierce analyst Richard Ratner said that while sales of autumn product were 'disappointing', much work had gone into refocusing spring ranges.
'Jacques Vert should continue on the recovery track, albeit at a slower pace than we originally estimated,' he said.
Allen said costs had been reduced by closing a factory in Portugal and by moving sourcing mainly to the Far East and Eastern Europe.
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