Scentre Group (ASX: SCG) today held its Annual General Meeting and provided an interim operational update.

Scentre Group Chief Executive Officer Elliott Rusanow said: “Our strategy of driving customer visitations through activating our Westfield destinations has seen strong operating performance in the early part of 2023.

“I am pleased to report in the first 13 weeks to 2 April 2023 we welcomed 125 million customer visits, which is an increase of 16% or 17 million more visits compared to the same period in 2022.

“Total business partner sales for January and February 2023 are 17% higher compared to the same period in 2022 and 10% higher than 2019.

“Cash collections for the first three months of the year were $663 million, $78 million higher than the comparable period in 2022.

“Progress continues to be made on the Group’s strategic customer initiatives including our membership program which now has 3.4 million members, an increase of 1.2 million since the start of 2022.

“Our Westfield destinations continue to be the most efficient platform for our business partners to connect with customers.

“Seven of our Westfield destinations generate more than $1 billion in Annual Sales including Chermside, Bondi Junction, Fountain Gate, Sydney, Miranda, Carindale and most recently Doncaster.

“We remain focused on activating our destinations and creating reasons for customers to visit us. So far this year, we have hosted more than 2,500 events and improved the experience for our customers.

“Recently we announced our collaboration with Disney to help celebrate their 100th anniversary through special events and activations across our portfolio during 2023. Already we have seen excellent results from this collaboration.

“We have also announced a partnership with Netball Australia, creating a direct connection between our destinations and the most popular female sport in Australia.

“The Group is focused on delivering long-term growth in a responsible, sustainable way.
“We released our 2022 Responsible Business Report on 20 March and this year, for the first time, our Climate Statement. Both provide our stakeholders with a detailed view of our progress to our net zero 2030 objective,” Mr Rusanow said.

Outlook

As announced at the Group’s full year results in February, subject to no material change in conditions, the Group expects Funds from Operations to be in the range of 20.75 to 21.25 cents per security for 2023, representing 3.4% to 5.9% growth for the year.

Distributions are expected to be at least 16.50 cents per security for 2023, representing at least 4.8% growth for the year.

Authorised by the Chief Executive Officer.