NATIONAL: Global shopping centre group Westfield has credited its Australian arm with helping to offset "challenging conditions" across the United Kingdom, the United States and New Zealand.
In confirming the group's profit guidance for the full year this morning (April 30), Westfield managing director Steven Lowy said overall the performance of the first quarter was "broadly consistent" with its own expectations.
Lowy said Westfield's shopping centres in Australia, which provide 45 per cent of the group's income, had held their ground during the recent financial turmoil.
He credited the government's stimulus packages for the results which in Australia had seen overall retail sales for the rolling 12 months rise - up 2.8 per cent to $20.9 billion.
In particular fashion sales grew by 4.3 per cent and jewellery by 9.8 per cent in the quarter ended March 31, 2009. Sales of footwear increased by 10.3 per cent for the same period.
Consumer sentiment was slowly improving, he said.
"While still at low levels, sentiment now appears to reflect an improvement in the short-term outlook with reported sentiment in Australia at its best levels for 12 months, in the UK at its best levels in some nine months and in the US at its best level in the last four months. Given that sales generally lag sentiment, this should be an early positive sign."
Westfield operates 44 centres across Australia and 21 in New Zealand.