French mall owner Klepierre cut its cash flow guidance on Friday, after shops stayed closed for longer than expected, bringing its first-quarter revenues down 11 percent.

Klepierre, Europe’s second-biggest retail landlord after Westfield-owner Unibail, now forecasts a net current cash flow of €1.80 per share for 2021 — compared to the €1.90 it had previously projected.

It said that 55 percent of its stores had already reopened and close to 95 percent were expected to be open by the end of May.

By Sarah Morland; Editor: Jacqueline Wong