Losses nearly doubled at Decathlon throughout its most recent financial year as a "significant transformation" affected its revenue.
The sports retailer has disclosed a pre-tax loss of £23.7m for 2024, according to fresh accounts lodged with Companies House, as reported by .
This figure follows Decathlon's previous loss of £11.9m for 2023.
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The company last recorded a pre-tax profit with a surplus of £804,000 in 2016. Subsequently, its losses have accumulated to more than £80m.
The most recent results also reveal the retailer's turnover declined in 2024 from £284.4m to £260.6m.
Decathlon was established by French billionaire Michel Leclercq in 1976 and launched its inaugural 海角视频 outlet in 1999.
The broader group functions across 56 nations and generates an annual turnover of €16.2bn (£14bn). It operates 24 stores in the 海角视频.
Decathlon confronts 'challenging external environment'
A statement endorsed by the board declared: "The 2024 financial year was a period of significant transformation for our 海角视频 business.
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"As part of our long-term strategy to enhance the customer experience and adapt to evolving retail behaviours, we undertook a comprehensive reconfiguration of our store concept and launched a redesigned e-commerce platform."
"While these structural changes were necessary to strengthen future commercial performance, it led to short-term operational disruption."
"This contributed to a decline in total turnover of 8.4 per cent, with in-store sales down 8.3 per cent and online sales down 10.2 per cent, particularly during renovation phases and the initial transition period following the website launch."
Decathlon further noted that its performance was hampered by a "challenging external environment" where consumer confidence "remained fragile" due to "persistent" inflation, heightened interest rates and strain on real household incomes.
The retailer also highlighted that sectors including sporting goods "experienced softer demand" whilst its overall retail footfall continued its decline for a second successive year.
Nevertheless, Decathlon reported that from August 2024 onwards, the company witnessed a steady and sustained recovery, particularly in its digital channels.
The firm stated: "The changes implemented in 2024 have laid a solid foundation for sustainable growth in 2025 and beyond."
These modifications encompassed £8.4m being invested in the refurbishment of 15 flagship outlets.