Expecting Tag
David Simon likes his position in retail — a type of side hustle for his mall giant Simon Property Group — but he’s content to be the one accepting the rent payments and doesn’t expect to purchase more retailers within the near term.
Partially, that’s since the business of being a landlord is paying up for Simon.
For the quarter ended Dec. 31, the true estate group’s net income increased 33.9 percent to $673.8 million, or $2.06 a diluted share, from $503.2 million, or $1.53, a 12 months earlier. Comparable funds from operations — a normal yardstick amongst retail real estate corporations — inched as much as $1.18 billion from $1.17 billion.
The retail portfolio shifted some throughout the group.
On a conference call with...
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Goal missed the mark on its latest quarterly earnings expectations.
The Minneapolis-based retailer reported earnings Wednesday before the market opened, revealing quarterly profits that were nearly cut in half because the firm continues to work through excess inventory issues and battles inflationary pressures. The corporate lowered its fourth quarter expectations because of this, causing its shares to fall by nearly 14 percent in pre-market hours.
“Within the latter weeks of the quarter, sales and profit trends softened meaningfully, with guests’ shopping behavior increasingly impacted by inflation, rising rates of interest and economic uncertainty,” Brian Cornell, chairman and chief executive officer of Goal Corp., said in an announcement. “This resulted in a 3rd quarter profit performance well below our expectations.
“While we’re able to...
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