Retail in Asia

In Sectors

Westfield loses sparkle

If there was any doubt that shopping-centre giant Westfield had lost its sparkle of yesteryear, its latest results – a loss of AUD457 million (USD410 million) – signal a stock that is trading on falling earnings growth for 2010 and has too few new property developments.

The overall result, including its Australian, US and European operations, was a disappointment to investors and will force analysts back to their drawing boards to downgrade their 2010 forecasts.