Tanger Factory Outlet Centers (SKT) Misses Q1 EPS by 3c, Revenues Beat

Tanger Factory Outlet Centers (NYSE: SKT) reported Q1 EPS of $0.04, $0.03 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $100.69 million versus the consensus estimate of $98.23 million.

"We are pleased that traffic to our domestic open-air centers reached 97% of 2019 levels during the first quarter of 2021, and exceeded 2019 levels in April. These strong results clearly reflect the attraction of our centers, their dominant market locations and the value proposition that we offer to both our retailer partners and shoppers," said Stephen Yalof, President and Chief Executive Officer. "As we further evolve Tanger's core strategies – the leasing, operations and marketing of our outlet centers, we are empowering our team as we rebuild occupancy, drive leasing and curate our tenant mix to maximize shopper frequency and dwell time and attract new shoppers to Tanger Outlet Centers. We are also accelerating our digital transformation efforts to meet the customer where they are, and our outlets continue to demonstrate their importance as a vital component of an omnichannel strategy."

"Beyond all these exciting initiatives, we remain committed to maintaining a strong balance sheet. During the first quarter of 2021, we opportunistically generated nearly $130 million in net proceeds from the issuance of equity, and year to date, we have reduced debt by $175 million, creating additional financial flexibility. As we move forward, we are confident that executing these operational and growth initiatives will create long-term shareholder value," he added.

For earnings history and earnings-related data on Tanger Factory Outlet Centers (SKT) click here.

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