Westfield growth slows in the 3Q
Westfield Group (WDC) reported a 4.2% climb in retail sales in the third quarter to 30 September 2009 from the previous corresponding period, as growth slowed from the second quarter, which saw retail sales up 5.1%. Westfield chairman Frank Lowy reaffirmed the group's guidance for CY09, with operating earnings and distributions expected to be in the range of 94 cents to 97 cents per stapled security.
The property group reported earnings of just a tick over a dollar per stapled security last year.
Westfield said the centres in the US, which account for about 43% of the company’s assets, were stabilising, although in the third quarter retail sales in speciality stores was down 12.3% from the previous corresponding period.
To the end of the second quarter that figure stood at a decline of 10.8%.
However, occupancy rates in the US were at 92.1%, up from lows of 90.1% in March this year, while in the UK occupancy rates were at 97.8%.
In Australia, occupancy stands at virtually 100%.
Looking ahead to building more shopping centres the group said that it currently had four major developments underway, with about 50% of the $3.7 billion in development already spent.
No new projects were slated to be started for at least another six months, the company said.
At the close Wednesday, Westfield shares were trading at $12.59.
Leave a Reply