A few days after announcing the appointment of a new CEO, the French sporting goods retail giant has published its financial results for 2024. They were the last achieved under outgoing CEO Barbara Martin Coppola and, in an unusual move, they were released internationally before being published in France.

The fact that Decathlon recorded the same revenue in France in 2024 as in 2023, €4.75 billion, might have something to do with this time lag. Especially since, as a partner of the Paris 2024 Olympic and Paralympic Games, Decathlon benefited from huge media exposure last year in France, and invested heavily to be visible before and during the summer. However, selling approximately 1.8 million licensed products wasn’t enough to offset the twin impact of rising inflation and the gloomy consumption outlook in France.

Decathlon’s physical stores were the most affected, since the retailer has reported a 5.78% growth in online sales, which now account for 17.5% of its business in France. These figures are sure to raise the alarm with union representatives in the country, where Decathlon is part of a retail sector that is highly concerned about shrinking store fleets.

The Decathlon group, which has over 23,000 employees in France, seems to be aware of this element, and highlighted the fact that in 2024 it increased its store fleet by three, and now operates 320 stores across its various retail concepts, having invested €160 million in upgrading its stores. 

International growth

However, stagnating sales in France, Decathlon’s main market, went hand in hand with a significant increase in the group’s business outside France. At constant exchange rates, Decathlon’s overall revenue increased by 5.2% to €16.2 billion. The previous year, growth was 4.4%, but the 2024 fiscal year included the Olympic Games and the men’s European Football Championship, two events which are usually major growth drivers for the industry. And at constant exchange rates, revenue growth stood at 3.8%.

Overall, Decathlon’s online sales grew sharply, their share of revenue rising from 17.4% to 20%. E-tail was one of the pillars of the strategy deployed by Decathlon in 2023, aiming to become a global sports brand. With this goal in mind, the group heralded major investments, of the order of €100 million in India and in Germany over three years, in order to accelerate its expansion in markets it considers key.

But the drawback in this plan was its impact on profitability. An element that, besides the change in corporate culture advocated by ex-IKEA executive Martin Coppola, has surely influenced the decision by the group’s board of directors to appoint a new CEO to lead the group’s 1,817 stores in 79 markets. Decathlon’s net income declined sharply in 2024, from €931 million in 2023 down to €787 million.

In a statement released in English and Spanish, the group said that that “rigorous cost-control measures mitigated the impact of cost inflation, allowing Decathlon to maintain its commercial momentum while ensuring affordable pricing for customers. Optimising operational expenses remains a key priority for 2025 to support long-term growth.”

The group underlined that it has opened with or upgraded to its new interiors concept 236 stores, about 40 of them in France, and promised that “by 2026, 90% of Decathlon’s product offering will be restructured, ensuring an even more relevant and sustainable approach to sports retail.”

The group’s 2024 report, in which no senior executive was cited, also highlighted the rise in the share of products sold that have been designed with an environmentally friendly approach (48.5% versus 38.5% a year earlier), the expansion of its second-hand range, with 1.35 million products sold, and the fact that 89.1% of the group’s more than 101,000 employees worldwide said they are “proud to work for Decathlon.”

The group also said it is convinced that the range of services it offers will become a growth driver. Decathlon has recorded 290,000 reservations on its services platform in the 14 countries where it has been deployed, including 120,000 in France.