Westfield sales increase

 

WestfieldSales at Westfield shopping centres in Australia and New Zealand have increased.

Scentre Group, which operates the centres, said comparable specialty store sales in Australia rose 4.2 per cent in the September quarter.

“We have seen an improving retail sales trend with 15 consecutive months of positive specialty sales growth in Australia with … good increases in the fashion, footwear, jewellery, leisure and retail services categories,” CEO, Peter Allen, said in a statement on Wednesday.

Scentre said Australian retail sales had reached $20.2 billion for the 12 months to the end of September.

Average specialty store rent rose to $1,551 per square metre by September 30, up 1.9 per cent from a year earlier.

Sales had also improved in New Zealand, with comparable specialty store sales rising 3.7 per cent for the September quarter.

Scentre confirmed it was on track to meet its earlier forecast of achieving funds from operations of 10.88 cents per security and a distribution of 10.2 cents per security for the six months to December 31.

Shares in Scentre were two cents lower at $3.55 at 1027 AEDT.

Westfield Group and its associated passive property trust, WRT, were restructured in June to split the company’s Australian and New Zealand operations from its growing international business.

Under the new structure, Westfield Corporation owns the international division, which includes flagship centres like Westfield London, while the Australasian shopping centres are controlled by Scentre.

AAP

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