Reuters: Global Markets: Body Central shares beaten lower on bleak forecast

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Body Central shares beaten lower on bleak forecast May 4th 2012, 14:20 Fri May 4, 2012 10:20am EDT (Reuters) - Shares of Body Central Corp (BODY.O) plunged as much as 46 percent on Friday, making it the biggest percentage loser on the Nasdaq, after the apparel maker indicated that a heavy fall in same-store sales would hurt its second-quarter results. The company said on Thursday that it continues to see softness in overall store sales trends through April and forecast second-quarter results below market expectations. "Both topline and margins are affected as the company clears out non-performing product at higher markdown rates," Jefferies analyst Randal Konik wrote in a note titled 'There's a body in the repair shop.' Konik added that the outlook was very conservative and trimmed his price target on the stock to $32 from $36. However, the analyst kept his "buy" rating on the stock, noting that Body Central is working on infusing more newness into its stores and trends have improved slightly over the last week. Oppenheimer & Co analyst Pamela Quintiliano too lowered her price target on the stock to $28 from $31. "While we maintain our positive longer-term stance and believe downside risk is limited, we would be cautious on putting new money to work until issues have been resolved for summer," Quintiliano wrote in a note. Body Central shares were down 42 percent to $16.63 on Friday on the Nasdaq. They touched a low of $15.50 earlier. (Reporting by Ranjita Ganesan; Editing by Maju Samuel, Roshni Menon) Link this Share this Digg this Email Reprints

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