NEW YORK (TheStreet) -- Body Central Corp (BODY) is tanking on Friday after filing a notice with the Securities and Exchange Commission (SEC) explaining it would not be able to complete its 10-K as scheduled.
By late afternoon, shares had plummeted 22.9% to $2.19.
In the filing, the women's clothing retailer said it would not be able to complete its Annual Report for the year ended Dec. 23, 2013 within the prescribed time period "without unreasonable effort or expense."
Jacksonville, Florida-based Body Central said it has yet to finalize year-end adjustments and complete a year-end audit due to delays with securing a new $17 million senior credit facility on Feb. 6 this year.
The company said it intends to file its 10-K no later than March 28.
Management said net sales will be around $66 million for its fourth quarter, an 18.5% year-over-year decrease from a year earlier. Analysts surveyed by Thomson Reuters had forecast $73.56 million in sales.
For fiscal 2013, the company expects net sales of approximately $283 million, 9% lower than the prior year and below consensus of $290.93 million.
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TheStreet Ratings team rates BODY CENTRAL CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BODY CENTRAL CORP (BODY) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, poor profit margins and weak operating cash flow."