Deutsche EuroShop Reports Q1 2024 Financial Results with Focus on Investment and Expansion

Deutsche EuroShop AG, a leading shopping center investor, disclosed its financial results for the first quarter of 2024. CEO Hans-Peter Kneip noted a 3.7% increase in footfall and a 4.1% rise in tenant sales compared to the same period last year. However, ongoing renovations led to a temporary 2.6% drop in revenue, totaling €66.0 million, and a slight decline in net operating income by 1.4%.

The company reported substantial growth in earnings with EBIT and EBT surging by 22.8% and 31.0%, respectively, marking considerable gains in consolidated profits which rose by 23.2% to €32.7 million. Despite these improvements, Earnings Per Share (EPS) and Funds From Operations (FFO) saw reductions due to distinct factors from the previous year.

Additionally, Deutsche EuroShop celebrated advancements in its construction projects, with the completion of new food and retail services in two major shopping centers. This includes the fully leased "Food Garden" at Main-Taunus-Zentrum set to open in spring 2025 and new openings at the Rhein-Neckar-Zentrum. Furthermore, the company plans to propose a dividend of €0.80 per share at the upcoming Annual General Meeting in Hamburg.