But perhaps such a harsh judgement is premature. Ms Iverson claims almost every aspect of the business needed fixing when she came nearly two years ago.
She has been attempting to improve the merchandise, reposition the brand, get manufacturing costs under control and pursue a strategy of aggressive expansion in the toughest of markets all at the same time. It is hardly surprising there has been a hiccough. There may be more.
Up until now, her performance has actually been pretty good. Her latest set of profits at pounds 16.2m were last achieved back in 1989. The previous regime hardly made any profits for five years. So while this is a bad slip up, she's not been doing too badly.
We are still a long way from Ms Iverson's target of double-digit margins on sales, but she refuses to abandon it and still promises to reach it within four years of her appointment.
Ms Iverson can perhaps be forgiven this, her first banana skin, but she better just pray it is also her last.