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Dundrum Town Centre-Owner Hammerson Expects Higher Full-Year Profit

Dundrum Town Centre-owner Hammerson on Thursday projected higher annual earnings as more people visited its malls in the UK and Ireland since lockdown restrictions were eased and performance at its luxury outlets was better than expected.

This year's economic reopening encourages shoppers to spend more during mall visits and business booms at its luxury outlets.

The company said it expects adjusted earnings for the full-year to be not less than £60 million ($79.94 million).

It reported a profit of £36.5 million last year.

Shares Increase 

Shares in the mall owner rose 2.5% as it also reported a 6% jump in October sales compared with pre-pandemic 2019.

Footfall in the United Kingdom and Ireland currently is about 90% of pre-pandemic levels while being around 85% in France, the company said.

Its rent collection rate for the year stood at 84%.

Mall owners such as Hammerson have struggled with low rent collections during the pandemic as tenants, including retailers and restaurants, suffer from a drop in footfall due to pandemic restrictions and a shift to online shopping.

News by Reuters edited by Donna Ahern Checkout. For more Retail stories click here. Click subscribe to sign up for the Checkout print edition.

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