KPG - Kiwi Property Group Limited

[LaserEyeKiwi]

KPG - Kiwi Property reports June sales growth
30/7/2020, 9:48 am GENERAL
Sales update:

Kiwi Property today released its sales data for June – the first full month of trading since New Zealand exited lockdown.

Adjusted sales at the Company’s shopping centre portfolio were up 7.5% on the same period last year, while total June sales increased 0.5% [NOTE 1]. Sylvia Park in Auckland, The Base in Hamilton and The Plaza in Palmerston performed particularly well, recording strong sales during the month.

Linda Trainer, Kiwi Property GM Asset Management, said the solid trading performance was encouraging.

“Following a surge in post-lockdown retail activity, much of the momentum has continued through June. Our top performing shopping centres going into COVID-19 have typically rebounded the fastest, as have large format retailers, driven by increased leisure and sporting goods purchases. It’s difficult to predict how the next few months will shape up and a lot will depend on the state of the economy, but for now, sales remain strong.”

Credit rating:

Kiwi Property also advised that S&P Global Ratings [NOTE 2] has reaffirmed the Company's investment grade BBB (stable) issuer credit rating. Kiwi Property’s fixed rate senior secured bonds have a credit rating of BBB+.

End

Note
1. Adjusted sales exclude cinemas, travel and foreign exchange, which were unable to trade at full capacity during to COVID-19.