Growing appeal to younger consumers boosts Tangers first-quarter profit

A growth spurt and the addition of non-retail attractions appealing to younger people boosted Tanger's first-quarter net income by 47.6%, the Greensboro outlet company reported Thursday.

Diluted earnings were 24 cents per share, up 7 cents from a year ago. Adjusted earnings were 59 cents.

The average earnings forecast was 57 cents per share among three analysts surveyed by Zacks Investment Research. Analysts typically do not include one-time gains and charges in their forecasts.

First-quarter revenue was up 11.1% to $150.4 million, while expenses climbed 4.8% to $107.2 million.

"We achieved record leasing volume, fueled by retailer demand and limited new supply," Tanger president and chief executive Stephen Yalof said in a news release.

"We are attracting new and younger shoppers by adding sought-after retailers, restaurants and entertainment destinations that elevate our centers and drive incremental traffic and value."

The company raised its fiscal 2026 guidance for diluted and adjusted earnings per share.

Tanger's portfolio includes 38 outlet centers and three open-air lifestyle centers featuring more than 16 million square feet of retail space.

Tanger has outlet centers in three North Carolina locations: Mebane, Blowing Rock and Asheville.

In May 2025, the company's board of directors authorized the repurchase of up to $200 million of the company's outstanding shares.

Tanger reported spending $20 million to repurchase 590,000 shares during the quarter.

The Tanger board declared a quarterly dividend of 31.25 cents a share, payable May 15 to shareholders registered as of Thursday.

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