Spain ranks sixth in the EU in retail sales revenues

March 18, 2023 by
Frank Calviño
spain retail

Spain maintains the sixth position in the ranking of European countries with the highest share of retail revenues, with an average turnover of 16,811 million euros (17,834 million dollars) among the top five national companies in the ranking published in the Global Powers of Retailing 2023 report prepared by Deloitte. 

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Revenues from foreign operations accounted for 39.5% of the total, and about Spanish companies, Inditex, Mercadona, and El Corte Inglés, were among the top 100 companies in the retail sector worldwide. 

In general terms, the report states that the top 250 companies included in Deloitte's list increased their revenues by 8.5% compared to the previous fiscal year. 

Regarding sectors, apparel, and accessories achieved the highest annual sales growth with 31.3%. The top 250 companies earned an average net profit margin of 4.3%.

"In a year of strong year-on-year growth in retail revenues in the TOP 250, sustainability remains high on the agenda. Several players are working on lightly used resale, and we see many technology-enabled innovations. 

Successful retailers combine technology with the human factor to help provide an optimal customer experience. 

Among the fastest 50, the top growth drivers were luxury brands, e-commerce providers, and department stores," said Evan Sheehan, global retail, wholesale and distribution leader at Deloitte.

The biggest retail brands 

Walmart again led the ranking. was the fastest-growing TOP 10 retailer in FY2021, with revenue growth of 25.1%. Most of the companies on the list, the report highlights, boosted their digital capabilities through in-store technologies or by enhancing omnichannel offerings.

Specifically, the TOP 10 companies grew 8% on a sales-weighted, currency-adjusted compounded basis, a decline of 12.4% from FY2020. 70% of the TOP 10 companies are located in the United States. In addition, there was a 2.8 percentage point increase in revenue from foreign operations among the TOP 10 companies (27.9%) over FY2020.

The composite net profit margin increased 0.2 percentage points from 3.9% in FY2020 to 4.1% in FY2021. However, net profit margins vary widely, ranging from -0.5% to 10.9%. Target, Walgreens and Amazon increased their profit margins by more than 1.5 percentage points in FY2021.

However, despite the growth, the report notes that there are still significant challenges, "the retail environment became more hospitable in FY 2021 compared to the previous year, likely due to the partial relaxation of pandemic restrictions." 

The study further highlights that luxury retailers achieved "outstanding" performance with store reopenings. The store format benefited with revenue growth of 25.7%, after a challenging 2020.

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