All steady at Westfield
For Australia, new leasing spreads remained lower than existing or renewals of leases, reflecting the tough outlook, particularly in apparel. But the spread at minus 6 per cent for both companies, unchanged from the half-year report, indicated that conditions had bottomed.
For the year ending September, comparable specialty sales rose by 1.9 per cent in Australia and New Zealand, and 4.5 per cent in the US, reflecting the better conditions overseas.
This will be boosted when the US spends up at the annual "black Friday" sales at Thanksgiving on November 28.
Analysts said the sales growth cemented the trend that the US operations were the powerhouse in the past year, as the Australian market hit its trough.
Westfield co-chief executive Steven Lowy reconfirmed its 2013 forecast for funds from operations of 66.5¢ a security, an increase of 2.3 per cent on the previous year, and a distribution forecast at 51¢ a security, up 3 per cent.
Frequently Asked Questions about this Article…
Westfield and its Westfield Retail Trust reported steady sales for the third quarter, with improved consumer sentiment in the US and Europe surpassing that in Australia.
The article indicates that new leasing spreads in Australia remained lower than existing or renewed leases, reflecting a tough outlook, especially in the apparel sector. However, the spread at minus 6% suggests that conditions may have bottomed out.
For the year ending September, comparable specialty sales rose by 1.9% in Australia and New Zealand, while the US saw a more significant increase of 4.5%, highlighting better conditions overseas.
The article suggests that the annual 'Black Friday' sales at Thanksgiving on November 28 are expected to boost sales further in the US.
Analysts noted that the sales growth confirmed the trend of the US operations being the powerhouse over the past year, as the Australian market reached its trough.
Westfield's co-chief executive Steven Lowy reconfirmed the 2013 forecast for funds from operations at 66.5 cents per security, marking a 2.3% increase from the previous year.
The distribution forecast for Westfield in 2013 was set at 51 cents per security, which is an increase of 3%.
The US market is significant for Westfield's performance because it has shown stronger sales growth and consumer sentiment compared to Australia, making it a key driver of the company's success.
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