Ted Baker storeImage copyrightGetty Images

Shares in Ted Baker lost more than a quarter of their value on Tuesday morning after the firm said profits would fall short of expectations.

In response to the profit warning, investors sold off shares wiping more than £150m from the company’s value.

The fashion house blamed “extremely difficult” trading conditions for the lower than expected earnings.

It is the latest setback for the firm after its founder, Ray Kelvin, left in March following harassment allegations.

‘Unseasonable weather’

The company complained of “unseasonable weather” across North America and a “highly promotional” sales environment as it said profits for the year ending January 2020 were likely to be between £50m and £60m.

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