Superdry, the high street fashion retailer, saw its market value hit a record low on Tuesday after it issued a profit warning.

The company’s shares fell by as much as 32.5% after it reported a 13% decline in retail sales during the 26 weeks to 28 October.

Wholesale sales were down by 41.1% on the same period last year.

Superdry blamed the continuing cost of living crisis among shoppers and abnormally mild autumn weather, which resulted in a delayed uptake of its autumn and winter collection.

The update left shares as low as 28.2p, taking its market value below £40m for the first time, but they later recovered some poise and were 14% down on the day in early afternoon trading.

Superdry, which did not put a figure on the expected hit to annual profits, said it would have more information at the time of its half-year results in January.

But it revealed that sales in the six weeks since the end of the six month reporting period were down about 7% on a like-for-like basis.

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Founder and chief executive Julian Dunkerton told investors: “Whilst we have seen modest signs of improvement through the recent spell of colder weather, current trading has remained challenging.”

The warm, wet autumn has been blamed by many retailers for delayed pick-up of winter fashion.

Superdry has tried to raise funds and rein in costs, by curbing its digital marketing spending and exiting the US wholesale business.

Sky News revealed in October a joint venture with Reliance Brands to accelerate its growth in India.

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