Primark reports €1.885 billion turnover in Spain in 2024 despite slowing growth

The Irish fast-fashion chain Primark strengthened its foothold in Spain in the 2024 financial year, reporting turnover of €1.885 billion, according to the annual accounts filed by Primark Tiendas SL with the Mercantile Register. This marked a 3.7% increase over the previous financial year and set a record high in the country. However, it was the slowest growth since the pandemic, signaling a deceleration compared with previous years, according to the business daily Cinco Días.

In terms of net profit, the Spanish subsidiary closed the year with earnings of €40.3 million, a 4% increase from the previous year, despite a 9% decline in operating profit, primarily due to higher payments linked to the franchise agreement with its parent company in Ireland.

Most revenue came from in-store sales, which rose 7.2% to €1.576 billion. This compares with a 14.4% increase in 2023. Meanwhile, sales to other group companies, mainly to Ireland, fell by nearly 13%. Looking only at in-store sales, the gross margin stood at 31.1%, ten percentage points higher than in the previous year.

Beyond the slowdown in sales, the year was marked by an active expansion drive in Spain. Primark opened six new stores during the financial year — four in the Community of Madrid, and two in Melilla and Lorca. In the current financial year, the retailer continues to prioritize this growth strategy, with notable openings such as its stores in the Grancasa shopping center in Zaragoza and As Termas in Lugo, strengthening its presence across the country. In total, Primark now operates 66 stores in Spain and employs more than 7,000 people.

Founded in Dublin in 1969 under its original name Penneys, Primark is part of the British food and retail group Associated British Foods. Globally, the company runs more than 460 stores across 17 countries in Europe and the United States. Looking ahead, Primark aims to expand its retail network to 530 stores worldwide by 2026.