Tanger Factory Outlet Centers (SKT) Misses Q4 EPS by 35c, Revenues Beat; Offers FY20 EPS Guidance Below Consensus
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Tanger Factory Outlet Centers (NYSE: SKT) reported Q4 EPS of ($0.13), $0.35 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $120.49 million versus the consensus estimate of $114.53 million.
"Better than anticipated performance in the fourth quarter and throughout 2019 enabled us to surpass our expectations," said Steven B. Tanger, Chief Executive Officer. "With strong leasing execution, we ended the year with consolidated portfolio occupancy above that of the prior year at 97.0%, contributing to better than expected same center net operating income. Increases in traffic and sales validate consumers' ongoing desire for the best brands, prices and shopping experience at Tanger Outlets."
"As we enter 2020, we are focused on building on last year's leasing success, as we believe this is the fastest way to restore internal growth. Maintaining strong occupancy remains our top priority as our team works to overcome the challenges associated with the recapture of space due to both previously announced closures and any additional space that could come back from ongoing negotiations with select tenants. Along with leasing, we will also continue to focus on our strategic marketing efforts to further increase traffic and shopper engagement. However, releasing the recaptured space will take time. While we anticipate potential near-term occupancy and rent pressure, we plan to lease strategically to upgrade our tenancy and the consumer experience in order to drive long-term growth. Brand name retailers remain committed to the outlet distribution channel and continue to benefit from our value proposition, including our low cost of occupancy," Mr. Tanger added.
GUIDANCE:
Tanger Factory Outlet Centers sees FY2020 EPS of $0.65-$0.73, versus the consensus of $0.81.
For earnings history and earnings-related data on Tanger Factory Outlet Centers (SKT) click here.
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