Increased director payments, more spending on shopfits and difficult trading conditions meant value fashion retailer Officers Club's profit plunged last year.
Pre-tax profit fell to£2.6 million for the year ending August 31, 2002, compared with£8.4 million the previous year.
Founder and managing director Dave Charlton was paid£1.9 million 'for personal reasons', compared with£948,000 the year before.
Officers Club increased its spending on shopfits over the past 18 months, in a move to reposition itself as the lower-end retail market became flooded with new entrants.
With a more fashionable product offering and better store design, Officers Club now competes with Zara and Next and will continue to invest approximately£4.5 million a year, according to Charlton.
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