Decathlon has consistently outperformed our forecasts, following its strategy to increase turnover and improve profitability and cash flow. Its strong focus on costs and positioning as a mid-market sports goods player that benefits from consumer downtrading will enable the group to weather the looming economic headwinds, remaining profitable and cash generative. We affirmed our short-term issuer credit rating of 'A-2'. Decathlon is one of the largest athletic footwear, apparel, and sports equipment retailers globally, with a 3.7% market share worldwide and a 17% market share in the French sports apparel market. It also has leading positions in Spain, Italy, and Belgium, as well as an expanding presence in China. In 2021, its network spanned 1,747 stores across 60 countries. The
