Walmart pipped Amazon as the retailer who took home the most in revenue last year, according to GlobalData.
The big-box retail giant recorded $572.8 billion in revenue, beating Jeff Bezos’ Amazon, which reported $469.8 billion.
GlobalData published a list of the top 25 publicly traded global retailers, with over half of them reporting more than 8% year-on-year (YoY) growth in revenue despite pandemic-related challenges, according to GlobalData.
Retailers worldwide were able to quickly adapt to COVID-19 challenges by swiftly improving e-commerce options. Meanwhile, pharmaceutical retailers and home improvement/gardening supply retailers also benefitted from lockdowns.
“All 25 of the retailers we tracked implemented measures to expand their business operations during the COVID-19 period. Major online merchants such as Amazon, JD.com and Alibaba gained a revenue growth of above 20% in FY2021,” GlobalData analyst Divya Vootkuru said.
“Further, they saw a compound annual growth rate (CAGR) of more than 25% during the 2017–2021 period, driven by a significant increase in the number of annual active customers as buyers preferred to shop online.”
Both pharmaceutical retailers CVS Health and Walgreens Boots Alliance (Walgreens) saw 8% revenue growth in 2021, respectively.
“The impressive growth seen by these pharmaceutical retailers resulted from an increase in the consumption of prescription drugs, the release of new pharmaceutical products, and the successful distribution of COVID-19 vaccines,” Vootkuru added.
GlobalData’s research also found that home improvement and gardening supply retailers saw positive growth in operational and net earnings, including Home Depot (more than 7%) and Lowe’s (more than 20%).
UK grocer Tesco also benefitted from the lockdowns and reported more than 50% growth in its operating profits.
Nike and Sainsbury’s both recorded over 100% growth.
“Drastic improvement in e-commerce enabled global retailers to focus on customer-centric and digital initiatives. Now, more retailers will be developing new business models to support consumers in contactless communication infrastructure, as well as implementing digital supply chain management to further streamline and expand business operations,” Vootkuru concluded.