Spanish Apple stores record 73% profit growth in 2019
- maj
- 21
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Its 11 stores collected 434 million euros in the previous fiscal year, but only registered profit of 12.8 million.
What you need to know
- Apple is enjoying growing retail success in Spain.
- In the 2019 fiscal year, profits rose 73% compared to 2018.
- Despite that, it still only registered profit of 12.8 million euros, despite invoicing 434 million.
Apple's Spanish retail operation recorded 73% growth in profit last year compared to 2018, according to new figures from Expansión.
In its latest report, Expansión has collected data submitted in Apple's accounts to Spain's Commercial Registry. According to their report:
Apple has boosted the income of its network of stores in Spain despite not having expanded the number of establishments in our country. The US multinational registered in the fiscal year 2019, closed on September 30, an income of 433.85 million euros, representing a growth of 10% compared to the figure recorded in the previous fiscal year.
According to the report, Apple has raised the average sales price of its products in the country by more than 20%, now exceeding 1,000 euros. The company also reported record profits of 12.78 million, a 73% increase on 2018. Whilst this might not sound astonishing for a company of Apple's magnitude, not to mention its global financial presence, in 2017 Apple's Spanish retail operation actually recorded a slight loss of 371,000 euros.
No doubt, the EU will raise its eyebrows at the fact that despite recording a substantial increase in profit, Apple actually only paid 1.19 million in tax last year, compared to 4.6 million the year before. The report notes that Apple's 11 Spanish store employ over 1,200 people.
Also included in the report is Apple Marketing Iberia, a separate Spanish company which provides support and marketing services. This outfit recorded revenues of 76.3 million euros, and a profit of 42.1 million. The report suggests that this "hints at the strong growth of the business in Spain."