Westfield’s half year results in line with predictions

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Westfield

Westfield Corporation’s half-year results published today reveals it has met its earnings forecasts, while confirming that retail conditions remain challenging.

The shopping centre giant, which operates Westfield London and Westfiedl Stratford City in west and east London respectively, recorded a profit rise of 20 per cent to $589 million (£458 million) in the six months to June 30.

Total revenue also had an uplift of 18 per cent to $987.6 million (£767.9 million).

Co-chief executives Peter and Steven Lowy said the company has focused on creating “great experiences” for consumers.

“In a challenging retail environment, the performance for the first half was good and we remain confident on executing our strategy to transform our assets into the pre-eminent global shopping centre portfolio,” they said in a joint statement.

The brothers, who are the son of Westfield founder and Australian billionaire Frank Lowy, said the company had adapted the portfolio to meet the changing needs of retailers, consumers and brands.

Westfield also used its half-year report to confirm that its £600 million expansion of its Westfield London shopping centre in White City, west London, will open six months ahead of schedule.

The centre will have an extra 740,000sq ft of shops, restaurants and leisure space that will open from March 2018.

In addition, the IAAF World Championships last week helped nearby Westfield Stratford City attract 1.2 million visitors, marking its highest footfall week since the London 2012 Olympics.

The shopping centre broke UK footfall records when it attracted 47 million people in the first year after it opened. Nine million of these came during the Olympic and Paralympic Games in 2012.

It also set another British record last September when figures revealed it had drawn 220 million visitors in its first five years with retail sales of £5 billion.

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