Windows XP Professional very slow

We have 2 XP professional PCs and they are painfully slow. We’ve only bought it last year and it has 1.7 ghz processors and P3 but can’t do anything quickly. Please advise if there’s anything I can do to make it faster?

If not, will it be a good idea to format it back to factory settings and will there be any complications? Please, please advise us on this issue.