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Unibail-Rodamco-Westfield tops 2024 financial target

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7 days ago

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AFP

Translated by

Nicola Mira

Published



February 13, 2025

On Thursday, commercial real estate giant Unibail-Rodamco-Westfield (URW) reported a positive recurring net result, its benchmark financial indicator, of €1.47 billion, up 4.5% and exceeding the target set by the group.

Unibail-Rodamco-Westfield

The Westfield owner has reduced its financial debt to €19.5 billion, and generated €1.6 billion through asset disposals since January 2024, including the sale of the stakes it held in the Westfield Forum des Halles shopping mall and the Trinity office tower at La Défense in Paris.

In a conference call, URW CEO Jean-Marie Tritant hailed the group’s “excellent financial results” in 2024, notably the increase in net rents received in all of its business sectors: rents received were up by 5.8% in shopping malls, by 14.4% in office properties, and by 21.3% in convention and exhibition facilities.

In shopping malls, which account for the main share of the rents received by URW, the vacancy rate fell to 4.8%, its lowest level since 2017, while visitor attendance increased by 2.6% and retailers’ revenue by 4.5% compared to 2023.

EBITDA increased by 6.9% over 2023, reaching €2.35 billion.

Adjusted recurring earnings per share, URW’s benchmark profitability indicator, rose by 2.4% to €9.85 per share, above the target set between €9.65 and €9.80 per share.

In the last four years, URW has divested €6.4 billion worth of assets as part of its strategic transformation, a plan that Tritant described as “successful,” leading the group to decide to “retain our high-performing flagship assets in the US.”

URW will propose to pay a dividend of €3.50 per share.

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American Apparel owner Gildan Activewear sales hurt by Under Armour phase-out, reveals CFO transition plan

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25 minutes ago

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February 20, 2025

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Published



February 20, 2025

American Apparel owner Gildan Activewear reported on Wednesday a 5% uptick in sales to $822 million for the fourth quarter, on the back of double-digit sales growth in the Canadian company’s activewear segment.

American Apparel

Excluding the impact of the Under Armour phase-out,  sales for the quarter ending December 29 were up low double digits, said the company.

Activewear sales grew 11% to $714 million, driven by higher sales volumes, and international sales increased by 20% year-over-year, thanks to a higher sell-through in “certain international markets,” the company added.

In the hosiery and underwear category, sales were down 23% versus the prior year, in line with company expectations, mainly owing to the phase out of the Under Armour business. Excluding the impact of the Under Armour phase-out, hosiery and underwear sales were up high single digits in the fourth quarter.

For the year ended December 29,  sales were $3,271 million, up 2% versus the same period last year.

In a separate announcement, the company announced an executive leadership reshuffle and a CFO transition as part of a multi-year succession planning process.

Rhodri Harries, EVP, chief financial and administrative officer, will retire on January 1. Harries will be succeeded by Luca Barile, currently CFO, sales, marketing and distribution, and will take on the role of chief financial officer as of March 1. In addition, Chuck Ward, currently president, sales, marketing and distribution, has been appointed to the newly created role of executive vice president, chief operating officer, effective March 1.

Looking ahead, Gildan said it expects revenue growth for the full year 2025 to be up mid-single digits.

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Sports Direct owner Frasers Group pulls out of XXL ASA pursuit

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57 minutes ago

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February 20, 2025

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Published



February 20, 2025

Frasers Group announced on Thursday that it won’t be proceeding with its intended voluntary offer for the shares of Norway’s XXL ASA it doesn’t already own at NOK10 (around 71p) per share.

Sports Direct

The company’s proposed offer first hit the headlines in early December. With the British group holding 25.8% of the issued share capital, the total deal size to acquire all the shares was set to be about NOK246 million (£17.5 million).

But now the retail giant has said that with its intended offer subject to several conditions and it having reserved the right not to proceed if it became evident that any of the specified conditions wouldn’t be fulfilled, it’s walking away.

Through correspondence with the company, Frasers has been told that XXL’s other large shareholders wouldn’t accept the offer if made. That would mean Frasers was unlikely to be able to reach its goal of holding more than 50% of the shares in the struggling sports retailer.

The company’s intended offer in December came after a shareholder revolt over management’s plans to fund a turnaround.

The Norwegian retailer had struggled with a weak sports market and had seen 10 consecutive quarters of negative growth. It’s unclear what XXL ASA’s prospects are now.

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Skechers taps footballer Isco Alarcón as brand ambassador

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1 hour ago

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February 20, 2025

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Published



February 20, 2025

Skechers announced on Thursday the signing of Spanish football star Isco Alarcón, currently playing for Real Betis Balompié. 

Skechers taps footballer Isco Alarcón as brand ambassador. – Skechers

In this role, Alarcón joins team Skechers and is already competing in the Skechers Razor 1.5 Elite boots. He will also play a key role in Skechers football’s marketing campaigns, further expanding the brand’s reach in Spain and beyond. 

“Isco Alarcón is a great football player with a significant track record at the national level. He’s returning from an injury to his elite-level play, which is the perfect time to officially bring him onto Team Skechers,” said Txerra Díaz, country manager of Skechers Iberia. 

“We believe he fully aligns with the brand’s profile and will help players across Spain and Portugal discover Skechers Football and the signature Comfort That Performs offered by our boots.”

Alarcón has established himself as one of the top midfielders of his generation. His career includes stints with Valencia CF, Málaga CF, and a highly successful period at Real Madrid, where he won five UEFA Champions League titles. 

Since launching its football division at the start of the 2023/24 season with the signing of Bayern Munich striker Harry Kane, Skechers has rapidly expanded its presence in the sport. The Skechers Football range spans three Elite styles for men and women, as well as a line of Academy boots perfect for all levels of play.

Alarcón joins an elite group of footballers in Spain competing in Skechers football boots, including Iker Losada from Celta, Antonio Sánchez from Real Mallorca, and Pere Milla from Espanyol.

Other top-tier athletes wearing Skechers Football boots include Turkish international Baris Alper Yilmaz, West Ham United and Ghana National Team winger Mohammed Kudus, Arsenal and Ukrainian National Team defender Oleksandr Zinchenko, and Nottingham Forest and Swedish National Team forward Anthony Elanga.

“Football and life are played better when you feel comfortable at every step,” said Alarcón. “I’m very excited to be part of the Skechers family in this next chapter in my career.”

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