- Total sales at the Company’s malls in 3Q14 totaled R$ 1.1 billion, a 14.3% increase over 3Q13
- Net revenue totaled R$ 80.7 million in 3Q14, a 20.3% increase over 3Q13
- Same-store sales (SSS) increasing 6.5% in 3Q14 compared to 3Q13
- Same-store rent (SSR) continued to post strong growth rates in 3Q14, growing by 9.7% compared to 3Q13Sonae Sierra Brasil S.A. (BM&F Bovespa: SSBR3), a leading Brazilian shopping mall developer, owner and manager, announces its results for the third quarter of 2014 (3Q14). The Net revenue totaled R$ 80.7 million in 3Q14, a 20.3% increase over 3Q13 and the Adjusted EBITDA was R$ 57.2 million in 3Q14, 15.7% above 3Q13.
Total sales at the Company’s malls in 3Q14 totaled R$ 1.1 billion, a 14.3% increase over 3Q13. In the same period, Same-store rent (SSR) increased by 9.7% compared to 3Q13, while Same-store sales (SSS) posted a 6.5% growth rate. Among our mature malls, Parque D. Pedro and Manauara posted the strongest SSR growth. Same-store rents also continued to be supported by the continuous ramp-up process at Uberlândia Shopping and Boulevard Londrina Shopping.
Same-store sales (SSS) increased by 6.5% in 3Q14 compared to 3Q13, totaling R$ 1,051/sqm per month. Anchor stores’ SSS increased by 7.7% in the quarter, led mainly by Boulevard Londrina, Manauara and Campo Limpo shopping centers.
We continue to expect annual revenue growth rates in a range of 15 to 20% on average in the next 3 years, and to achieve EBITDA and FFO margins at industry-leading levels. Growth should mainly come from the ramp-up process in our three newer malls – – Uberlândia Shopping, Boulevard Londrina Shopping e Passeio das Águas Shopping – and the continued improvements in leasing, tenant mix and innovation in our mature malls.