French mall owner Klépierre's nine-month net rental income up by 8.6%
20/10/2023 07:03
Oct 20 (Reuters) - French shopping center operator
Klépierre LOIM.PA on Friday reported an 8.6% increase in net
rental income and an 8% rise in footfalls for the first nine
months of the year.
The company's net rental income rose to 736.7 million euros
($778.9 million) from 657.4 million euros in the year-ago
period.
The group said in a press release that its food and beverage
segment registered the strongest retailer sales performance, up
by 14%, and cited the Netherlands and Germany as the countries
"leading the way" in retailer sales, also increasing by 14%.
Klépierre, which leases commercial space across Europe to
retailers including Zara owner Inditex ITX.MC , H&M HMb.ST
and Sephora LVMH.PA , posted a 7% rise in sales year-on-year.
The group confirmed its guidance for 2023, saying in a
release it was "on track" to meet a net current cash flow of at
least 2.40 euros per share, stable occupancy and retailer sales
at least equal to 2022.
J.P Morgan analysts said last month they expected mall
operators to be hit by macroeconomic turbulences in 2024, while
a survey of over 5,000 people across Europe on the
cost-of-living crisis signaled a slowdown in non-essential
spending.
Total revenues for the period came in at 1.04 billion euros,
compared to 992.0 million euros for the year-ago period.
($1 = 0.9458 euros)
(Reporting by Stéphanie Hamel; Editing by Varun H K)
((stephanie.hamel@thomsonreuters.com))