Revamped shopping centres with rooftop dining, ticketless car parks and flashy new shops have helped Westfield operator Scentre Group beat its profit and sales forecasts.
The owner of Westfield's Australian and New Zealand malls made a $2.7 billion net profit in the 12 months to December 31, its first full year since splitting from its parent company in mid 2014.
Chief executive Peter Allen said Tuesday's results justified the split from Westfield Corp, which still operates internationally.
"The team is able to focus on the local Westfield sites without worrying about currency and overseas issues," Mr Allen told AAP.
Net profit for 2014 was $6.586 billion, although that included six months of income from Westfield Corp.
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Revenue jumped 32.5 per cent to $2.8 billion, which included $1.5 billion from the sale of eight Australian and New Zealand shopping centres.
Comparable specialty sales rose 5.2 per cent in Australia, with fashion, footwear, jewellery, health and beauty, leisure and tech the strongest categories.
Discount department stores such as Target and Kmart lifted sales two per cent, while those at department stores including Myer and David Jones rose three per cent.
Mr Allen said what would eventually be a $830 million investment in enhancing customer experience was already paying off.
These included an Asian "hawker" food lane and an additional mall featuring Topshop, Uniqlo and Zara in the northern Sydney suburb of Chatswood, plus outdoor dining and rooftop precincts at other Westfield malls in NSW.
Mr Allen said these "experiential places" were already contributing to sales growth.
"People don't just come to shopping centres anymore to shop, they come to experience things, whether that is a leisure activity or food-based," he said.
Westfield has earmarked more than $3 billion for future upgrades to its shopping centres nationwide.
In 2015, Scentre also rolled out 1,200 advertising smart screens and introduced ticketless parking at four locations after a successful trial.
"We're focused on innovation to improve experience and reduce the friction of the shoppers connecting with the retailers," Mr Allen said.
Scentre made $1.199 billion in funds from operations in 2015, an increase of 3.8 per cent.
It forecasts funds from operations will rise three per cent in 2016, with total shareholder distribution to rise two per cent to 21.3 cents per security.
Scentre's shares closed nine cents lower at $4.47.
WESTFIELD SPENDS BIG, REAPS REWARDS
* Net profit down 58.9pct $2.7bn
* Revenue up 32.5pct to $2.8bn
* Final unfranked distribution of 10.45 cents
