Specialty fashion sales boost Westfield’s third quarter

Westfield InnalooWestfield ANZ owner Scentre Group has booked a 1.4 per cent increase in moving annual turnover (MAT) for the third quarter to 31 March, driven by stronger fashion sales and a boost in general retail.

Total specialty sales were up 2 per cent for the quarter and have increased by 1.4 per cent for the twelve months to 31 March.

Smaller specialty stores (under 400sqm) increased by 2.8 per cent for the quarter, and by 3.1 per cent on the moving annual measure.

Larger specialty retailers (over 400sqm) contributed a 1.6 per cent increase in sales for the quarter and MAT growth of 0.9 per cent.

This offset weaker growth from majors, which saw sales increase by 0.8 per cent across Westfield ANZ’s portfolio in the third quarter, with MAT up 0.3 per cent.

99.5 per cent of Scentre’s portfolio remained leased as at 31 March, with average specialty store rent of $1625 per square metre.

Specialty occupancy cost was 17.9 per cent, with 551 lease deals completed for the quarter across 91,168 sqm of space.

Fashion sales were up 3.8 per cent in the third quarter, while MAT growth was 1.4 per cent.

General retail sales increased by 8.4 per cent for the three months to the end of March, resulting in MAT growth of 4.8 per cent.

Department stores performed poorly, with sales declining 1.8 per cent for the quarter and MAT down 3.6 per cent.

Homewares as well as technology and appliances were negative in the third quarter, down 1.8 per cent and 1.5 per cent respectively; both booking MAT declines of 0.2 per cent to 31 March.

Scentre affirmed its full year funds from operations growth guidance on Thursday, saying it still expects an increase of around 4 per cent.

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