Westfield earnings ‘on target’

WESTFIELD Corporation, the owner of shopping centres in the US and UK, has met its first-half earnings forecasts but says retail conditions have been challenging.

The shopping centre giant’s profit rose almost 20 per cent to $US589 million ($753 million) for the six months to June. In a statement yesterday, Westfield co-chiefs Peter and Steven Lowy said the group had 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 preeminent global shopping centre portfolio,” they said.

In the US, Westfield has added more than 120 retailers and brands that are new to the group. Total revenue jumped 18.3 per cent to $US987.6 million. Shares yesterday added 1.9 per cent to $7.72.