Tanger Factory Outlet Meets Expectations; Occupancy Rate Stable

8/1/18

By Chris Roush, NC BIZ News

Outlet mall operator Tanger Factory Outlet Centers Inc. reported second-quarter earnings that met Wall Street expectations, and it confirmed its guidance for the entire year.

The Greensboro-based company reported second-quarter earnings of $22.7 million, or 24 cents per share, down from earnings of $29.1 million, or 31 cents per share, in the second quarter a year ago.

The previous year included a gain of $6.9 million, or 7 cents per share, from the sale of assets.

“Consumers continue to seek the brands and value that we provide at our centers, as seen in the year over year sales increase,” said Chief Executive Officer Steven B. Tanger in a statement. “Additionally, customers are reacting positively to our enhanced efforts to bring experience and fun to shopping with events such as food truck festivals and family fun nights.”

Tanger’s shares rose 23 cents, or 0.97 percent, to $23.85 in Tuesday trading. In after-hours trading, it rose 50 cents, or 2.1 percent, to $24.35.

The company said its occupancy rate was 95.6 percent on June 30, compared to 95.9 percent on March 31 and 96.1 percent on June 30, 2017.

Sales per square foot totaled $383 in the quarter, equal to the sales per square foot in the same quarter in 2017.

Same center tenant sales performance increased 1 percent for the 12 months ended June 30 compared to the 12 months that ended June 30, 2017.

Tanger expects to report earnings between 95 cents and $1.01 per share for the full year. Analysts expect earnings of 97 cents.

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