Shares in fashion retailer Ted Baker plunged 35% after he posted a loss and said trading remained tough.
in June and founded by Ray Kelvin in March, blamed fierce competition and unseasonable weather.
Its comments came as it reported a £ 23m loss in six months to August 1
"Trading conditions have been characterized by unprecedented and sustained levels of promotional activity across the sector with, in several cases, distressed discounting from brands and retailers and heightened competition, "Mr Bernstein said.
Sales in the first half were down across every region of the company operating, including a 3.9% drop in the UK and Europe to £ 141.3m. North America was down 3.1% and the rest of the world down 15.2%. Online sales also fell by 1.3% to £ 52.3m, although the company's wholesale business was up 4% to £ 89.3m.
In June, Ted Baker's shares lost more than a quarter of their value after firm warned investors to expect a fall in first-half profits. It blamed "unseasonable weather" across North America and heavy discounting.
These conditions are continuing Mr Bernstein said. "Trading in the second half has started slowly, not helped by the unseasonably warm weather in September, and this will have an impact on the full year outcome. If these trends continue, we will achieve a second half result below that of the last year. "
Emily Salter, a retail analyst at Global Data, said he was worried that online sales also had fallen, which meant that Ted Baker could not solely blame problems on the High Street.
The online arm had previously performed well, she said, adding: "These points to more significant issues with brand demand and the effects of regular discounting."
The trading problems are the latest setback for the firm after Mr Kelvin left in March following harassment allegations.
Mr Kelvin, who had been chief executive since the company's launch in 1988, resigned over claims he presided over a culture of "forced hugging". He has denied all allegations of misconduct.