Shopping centre giant Westfield has confirmed its full-year financial guidance, but identified fashion as one of the worst performing sectors for the third quarter.
The company today announced it expected
to pay a distribution of of 48.4 cents per security, with funds
from operations (FFO) of between 64 and 65 cents per security.
Operational segment earnings are also expected to be around 74.6
cents per security in line with guidance predicted for the full year
2011.
However, in a breakdown of retail sales
by category the business recorded lacklustre results for the fashion,
footwear and accessories sectors.
While department store sales saw a 12.5 per cent drop, followed by a 4.1 per cent dip in discount department store sales, fashion suffered a 4.7 per cent decrease for the three months to September 30, 2011.
Jewellery (3.5 per cent), general retail (3.1 per cent) and footwear (2.6 per cent), also fared badly over the three month period.
Despite this, Westfield reported a slight rise in moving annual turnover (0.1 per cent) to 21.5 million, bolstered by stronger performing categories such as cinemas, supermarkets and food retail.
Retail sales growth overall was also up in Australia and New Zealand, with Australian stores recording a 1.1 per cent lift in comparable specialty shop sales. New Zealand stores reported an increase of 0.7 per cent.
Westfield also announced plans to expand its property portfolio to the tune of $11 billion, with plans to invest in future development opportunities in the region.
This includes a focus on shopping centres in Chermside, Mt Gravatt and North Lakes in Queensland, Marion and Tea Tree Plaza in South Australia, New Market in New Zealand, and Miranda and Tuggerah in New South Wales.