Net operating income from Simon Property Group’s retail and brand interests, which include investments in J.C. Penney, Sparc Group, Authentic Brands Group and Rue Gilt Groupe, fell 35.4% to $125 million in the fourth quarter and 33.4% to $355 million for the year. Their contribution per share to the company’s funds from operations fell 39.5% in Q4 and 40.2% for the year.
During the quarter, the real estate investment trust traded its share in an Eddie Bauer licensing joint venture for a further stake in Authentic Brands Group, bringing its share of ABG to 12%, CEO David Simon told analysts during a conference call Monday.
Among the brands run by Sparc (which also include Aeropostale, Brooks Brothers, Eddie Bauer, Lucky, Nautica and Reebok), Forever 21 fared the worst last year, as its teenage customer base was hit hard by inflation, he said.
Source: Retail Dive
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 