News: Westfield cautious on growth

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Westfield Retail Trust (ASX:WRT) says consumer confidence is improving, but shoppers are still cautious and sales growth is still low.

 

The company says rents for speciality stores in its shopping centres grew 2.4 per cent for the 12 months to March 31.

 

It says 99.5 per cent of its portfolio is currently leased, but rents on new leases in Australia dropped 4.9 per cent for the three months to March 31 as new tenants negotiated lower prices.

 

Comparable retail sales growth for the 12 months was 0.7 per cent in Australia and 1 per cent in New Zealand.

 

Managing director Domenic Panaccio says the trust's portfolio is continuing to perform well despite ongoing challenging conditions.

 

Westfield Retail Trust generated a net profit of $830.8 million for its 2012 financial year.