Tanger Factory Outlet Centers (SKT) Tops Q3 EPS by 19c, Revenues Beat

Tanger Factory Outlet Centers (NYSE: SKT) reported Q3 EPS of $0.14, $0.19 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $103.21 million versus the consensus estimate of $86.07 million.

"Our business, which is primarily open-air outlet centers, has generated positive cash flow since the start of the quarter. Rent collections for the quarter improved sequentially to 89% of billed rents and we expect to collect another 3%. Our liquidity position is strong, with $40 million of cash and $600 million in unsecured lines of credit that were undrawn at the end of October," said Steven B. Tanger, Chief Executive Officer. "More than 99% of occupied stores in our consolidated portfolio have reopened. Traffic to our open-air centers during September rebounded to more than 98% of prior year levels, even with 30% fewer open hours per week."

"Many brands consider outlet stores a crucial component of the omnichannel ecosystem. We continue to pursue new and exciting brands to curate the tenant mix in our centers," Mr. Tanger added.

For earnings history and earnings-related data on Tanger Factory Outlet Centers (SKT) click here.

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