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Westfield Group bumps up sales in Q1

Shares in global shopping centre giant Westfield Group (ASX: WDC) have risen 1c or 0.1% today following the release of their first quarter results. The stock has now risen 8.1% since the beginning of the year compared to the S&P/ASX 200 Index’s (Index: ^AXJO) (ASX: XJO) 2.8% jump.

The results were encouraging for shareholders with the Group stating that operations are continuing to perform in line with expectations. Total annual retail sales in Australia at March 2014 were $20.3 billion while comparable specialty retail sales rose 4.4% for the quarter. In New Zealand, comparable specialty retail sales expanded 3.6% for the quarter.

The Group’s United States and United Kingdom divisions are also performing strongly. In regards to the Group’s core shopping centres, Steven Lowy, Westfield Group’s co-CEO, said “Our higher quality centres continue to outperform.”

Westfield Group remains on track to open its World Trade Centre mall, located in New York, in 2015 while its Westfield London and Stratford City centres (both located in the UK) are generating annual sales of £1.96 billion ($3.51 billion).

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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