Ted Baker has slumped to a £23m (€25.8m) loss in the six months to August 11, as bosses said restructuring the fashion brand’s Asia businesses, heavy promotions in the UK and the scandal that led to the resignation of founder and chief executive Ray Kelvin all took their toll.

Sales dropped 0.7pc to £303.8m (€340.7m) for the period – below the retailer’s expectations – and the company warned if current trading conditions persist, the second half of the year will also be weaker than a year ago.

Sales at Ted Baker were down across every region the company operates, including a 3.9pc fall in the UK and Europe, to £141.3m; North America down 3.1pc and the rest of the world down 15.2pc.

Online sales also fell by 1.3pc to £52.3m, although the company’s wholesale business was up 4pc to £89.3m.

Chief executive Lindsay Page said: “Despite the structural challenges and cyclical pressures on the industry, we remain confident in Ted Baker’s ability to navigate the market and further develop as a global lifestyle brand.”

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