Allen Weinstein, Body Central's President and CEO, stated: "Our second quarter comparable sales remain soft and have not improved since April. We continue to diligently manage inventory and to take aggressive markdowns on slow moving items.
“As a result, we now expect second quarter sales and gross margin to be lower than contemplated previously. We now believe the recent sales trends will continue into the third quarter with some impact to gross margin. We expect sales to improve in the fourth quarter as we receive new Fall and holiday assortments.
“Based on these trends and expectations, we have lowered our second half sales plan and revised guidance down accordingly. We continue to believe that we have a compelling business model and are actively working to address near-term sales challenges and get our business back on track."
For the second quarter of fiscal 2012, the Company expects net revenues in the range of $77 million to $79 million, comparable sales to decrease in a range of 7 to 9 percent and diluted earnings per share in the range of $0.19 to $0.21, based on diluted weighted-average shares outstanding of 16.4 million.
For the full fiscal year, the Company now expects net revenues in the range of $323 million to $328 million, comparable sales to decrease in a range of 4 to 6 percent and diluted earnings per share in the range of $1.07 to $1.11, based on diluted weighted-average shares outstanding of 16.4 million.
Body Central Corp. is a growing, multi-channel, specialty retailer offering on-trend, quality apparel and accessories at value prices. As of June 15, 2012 the Company operated 254 specialty apparel stores in 23 states under the Body Central and Body Shop banners, as well as a direct business comprised of a Body Central catalog and an e-commerce website.
Body Central Corp
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