Aggregate revenue from the globe’s 51 largest sporting goods retailers rose by 2 percent in weighted local currencies in 2023, growing in US dollars to $148,088 million from $145,599 million in 2022.
- Sales at largest global retailers increases 2% in 2023
- European sports retailers at a glance
- North American sports retailers grow 9 percent
- Asian sports retailers: Second straight year-over-year sales drop
Sales at largest global retailers increases 2% in 2023
Aggregate revenue from the globe’s 51 largest sporting goods retailers rose by 2 percent in weighted local currencies in 2023, growing in US dollars to $148,088 million from $145,599 million in 2022. Currency impacts were less significant in 2023. Year-over-year sales were higher at 31 retailers, lower at 18 and essentially flat at two.
Twenty-five retailers achieved more than $1 billion in annual sales; each of the top four generated more than $10 billion in annual revenues. Meanwhile, the top ten represented $101,088 million in aggregate sales last year, or 68 percent of all revenues generated by the 51 entrants.
European retail market dominated the top five, rose by 2.1% for year
Three of the top five sporting goods retailers in 2023 – Decathlon, Intersport and JD Sports Fashion – were based in Europe and accounted for $44,592 million in sales, or 30.1 percent of the total market. This trio plus US-based Dick’s Sporting Goods and Canada-based Lululemon generated an aggregate $67,195 million in revenues, equal to 45.4 percent of the sales generated by the 51 largest sporting goods retailers.
Since Russia is in both Europe and Asia, we’ve allotted 25 percent of Sportsmaster’s annual revenues to Europe. In total, Europe has 16.25 retailers in the annual ranking that recorded an aggregate 58,610 million in sales last year, versus 56,947 million in 2022. The region’s annual revenue total equates to 39.6 percent of the market, for a gain of 2.1 percent from the 39.1 percent of 2022. Sales at the largest retailers increased by low single digits, while smaller companies showed more significant swings. We have removed Signa Sports United from our annual ranking, after its dramatic plunge into insolvency, and Intersport partially absorbed Go Sport during the year.
Overall, the region had more winners than losers, with only five entrants reporting lower year-over-year revenues.
Get a full analysis of the European numbers
US still dominates retail but lost share last year
The 21 US retailers represented in our ranking of 51 include nine that had higher year-over-year sales and a dozen whose annual revenues fell. This mature sporting goods market produced $60,481 million in aggregate 2023 sales, versus $61,127 million in 2022, for a 40.8 percent market share. But that share was down by 120 basis points year-over-year.
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While specific segments – outdoor and apparel particularly – underperformed broadly, the main headwind was shaky consumer confidence, affected by high inflation, rising interest rates and job insecurity. Many retailers noted that US consumers needed a reason to buy last year, whether it was for a must-have item or a key shopping occasion. Otherwise, they largely stayed home.
Asia market has the largest percent gain in 2023
The top two retailers in Asia – Topsports and Pou Sheng, which operate thousands of stores across China for Western brands – accounted for $6,916 million in annual sales in 2023, or 44 percent of the 10.75 Asian retailers in our ranking (75% of Sportmaster’s yearly sales are credited to Asia). In total, the region’s 10.75 retailers generated $15,729 million in aggregate 2023 sales, an increase of 10.3 percent from the $14,263 million of 2022. The group collectively bounced back from pandemic-related restrictions. The sales of retailers in emerging markets jumped by 12 percent in 2023, far outperforming the 1 percent growth in more developed markets, and contrasting with the 10 percent drop in 2022, when sales for retailers in developed markets increased by 12 percent.
The retail businesses of Indonesia’s MAP Active and Hong Kong’s Swire Group led the region’s sales gains in 2023, while only KMD Brands declined, because of persistent weakness in the Australian and New Zealand markets.
Brazil and Canada represented by three retailers
The US neighbor to the north, Canada, is represented by two retailers on the list, Lululemon and Canadian Tire/FGL Sports. Lululemon’s nearly 20 percent sales growth for the year helped the duo achieve an aggregate sales gain of 10.7 percent in 2023, given that Canadian Tire/FGL Sports’ revenues declined by 8 percent for the year in local currency.
Centauro is the only South American retailer represented on the list. The Brazilian group generated a 27 percent gain in 2023 sales in local currency to more than $1.1 billion US dollars. That total was strong enough to secure the 26th slot on our annual list.
Methodology:
Our data come primarily from publicly reported figures. We have used our own estimates, input from management, other sources and third-party reports from rating agencies for private companies. We cover sports bikes in our study, but not bikes used for urban transportation.
All figures reported in currencies other than euros are converted at the average exchange rate for the year. Figures are stated as reported by the companies, representing net revenues.
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