Unibail-Rodamco-Westfield has lowered its guidance for 2019 after earnings from its newly-acquired Westfield portfolio proved to be underwhelming. Shares in the shopping centre giant tumbled after it indicated that its 2019 earnings per share guidance was €11.80-€12 (£10.38-£10.55).
This was eight per cent below the €12.92 (£11.36) earnings per share it recorded for the year ending December 31, 2018. Unibail-Rodamco-Westfield mainly trades on the Paris and Amsterdam stock markets, but has a secondary listing in Australia, where shares plunged 10 per cent after it released its full-year report. The company acquired the US and European arm of Westfield from its Australian owners in June last year in a deal valued at £18.5 billion.
However, it conceded that has faced a weaker than anticipated contribution from its Westfield shopping centres in both the UK and the US due to tougher than expected retail conditions. It also attributed its lowered guidance higher financial expenses and taxes, as well as delays in projects which had affected the timing of income.
