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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cnova NV | EU:CNV | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.41 | 2.49 | 2.50 | 2.41 | 2.12 | 2.20 | 1,220 | 16:30:00 |
CNOVA N.V.First quarter 2023 activity
In a still challenging market where Cnova accelerated its shift towards marketplace, GMV stands at -15% like-for-like1, improving compared to Q4 (-16%). April current trading2 shows significant improvements compared to 1Q23: Marketplace back to growth at +5% (+9pts vs. 1Q23 y-o-y evolution) and Product GMV standing at -10% (+10pts vs. 1Q23 y-o-y evolution). In this context, Cnova accelerated the pace of the transformation towards a profitable model with Gross Margin increasing by +6pts vs. 1Q22:
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AMSTERDAM – April 26, 2023, 18:00 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced its first quarter 2023 activity.
Thomas Métivier, Cnova’s CEO, commented:
“In the 1st quarter of 2023, Cnova has accelerated the pace of its transformation, on all its strategic pillars: marketplace, advertising services and B2B development with the commercial success of Octopia and C-Logistic’s solutions.
The relevance of Cnova’s platform model is confirmed by an all-time high marketplace share and record high quarter for marketplace revenues, advertising services and B2B, thanks to the strength of the technological platform, the efficiency of our artificial intelligence algorithms and our network of 15,000 sellers and suppliers.
All those actions, combined with the efficiency plan and strong efforts to improve direct sales margins, have already delivered significant impact on profitability and free cash flow.
The transformation continues to accelerate with improving trends since the beginning of April.”
First Quarter 2023 Key Figures
Financial performance(€ millions, GMV figures incl. VAT) | 1Q23 | 1Q222 | Change vs. 22 | |||
Reported | L-f-L3 | |||||
Total GMV | 712.4 | 909.2 | (21.6)% | (15.0)% | ||
Ecommerce platform | 692.6 | 883.0 | (21.6)% | (14.7)% | ||
o/w Direct sales | 251.6 | 372.8 | (32.5)% | |||
o/w Marketplace | 328.9 | 341.5 | (3.7)% | |||
Marketplace share | 56.7% | 47.8% | +8.9pts | |||
o/w B2C Services | 36.2 | 73.2 | (50.5)% | +37.2% | ||
o/w Other Revenues | 75.8 | 95.5 | (20.6)% | +5.8% | ||
B2B activities | 19.8 | 26.1 | (24.2)% | |||
o/w Octopia B2B revenues | 5.4 | 3.8 | +42.4% | |||
o/w Octopia Retail & Others | 12.5 | 21.9 | (42.9)% | |||
o/w C-Logistics | 2.0 | 0.4 | x5.5 | |||
Total Net sales | 323.5 | 446.6 | (27.6)% | (24.2)% |
First Quarter 2023 Highlights
GMV | 1Q23 |
Total like-for-like2 growth | -15.0% |
Marketplace growth | -3.7% |
Travel growth | +37.6% |
Octopia B2B revenue growth | +42.4% |
GMV posted a -15.0% like-for-like decrease in the 1st quarter 2023, confirming Cnova’s strategic choice to accelerate its platform revenues with the development of its marketplace, advertising services and B2B businesses with Octopia and C-Logistics. This year-on-year change was driven by:
Marketplace | 1Q23 | Change vs. 1Q22 |
Marketplace product GMV share | 56.7% | +8.9pts |
Marketplace Fulfilment + Express sellers GMV share | 50.3% | +0.2pt |
Marketplace revenues | €45.5m | +1.9% |
Advertising services Product GMV take rate4 | 3.5% | +0.9pt |
Marketplace posting a 29pts y-o-y growth differential against first party sales, decreasing overall by -3.7%. Strong and regular customer satisfaction measured by the NPS at 55 (+11pts vs. 19 and steady vs. 22) led to a fast-increasing marketplace GMV share this quarter up to 56.7% (+8.9pts vs. last year). As part of this strategy, Fulfilment by Cdiscount and Express seller program continued to be very dynamic representing 50.3% of marketplace GMV in the 1st quarter 2023, an increase of 0.2pt vs. last year.
Clients | 1Q23 |
Active clients over the last 12 months | 8.1 |
CDAV GMV share | 38.5% |
The loyalty program Cdiscount à Volonté (CDAV) represented 38.5% of total GMV in the 1st quarter 2023.
Net Sales | 1Q23 |
Total like-for-like2 growth | -24.2% |
Net Sales5 amounted to €323m (-24.2% like-for-like decrease vs. 22). This decrease is primarily driven by the voluntary mix improvement towards marketplace especially for non-technical goods categories with negative contribution margin.
Business Highlights
A record high marketplace GMV share with accelerated positive trends compared to pre-pandemic level:
Cnova continues the rationalization of its direct sales assortment with improving profitability and cash profile, supporting the overall Gross Margin increase.
This resilient performance for both direct sales and marketplace has been supported by disruptive offers launched this quarter, such as the new payment installment solution provided by Floa Bank for Apple products (including the possibility to trade an old device), and a strong and increasing customer satisfaction measured by the NPS at 55 (+11pts vs. 19, steady vs. 22).
Expansion of marketplace SKUs eligible to express delivery is a key driver of growth and customer satisfaction. It is also determinant to support the product mix re-orientation towards the marketplace:
B2C Services showed a record performance:
Dynamic Advertising Services driven by Retail Media dynamics:
Octopia’s B2B revenues know a strong commercial dynamic, driven by its turnkey marketplace solution for EMEA retailers and e-merchants:
C-Logistics is developing its B2B activities through the successful launch of its third party-logistic solution for a European sportswear company, a service quality above customers’ expectations and knows a strong ramp-up with an increase in the number of shipped parcels for external clients (x3 vs. 22), representing an increase of 2.2pts in C-Logistics total number of shipped parcels. New strategic transportation flows have been implemented, enabling products delivery in Europe, with Chronopost for Express Delivery and BPost for Standard Delivery.C-Logistics is also optimizing its costs and adapting its structure with the rationalization of transportation offers and the increase in warehouses productivity.C-Logistics ESG approach has been pursued with significant efforts to decrease its energy consumption (-21% vs. 22).
Environmental, social and societal stakes such as human capital, climate, business ethics and societal commitment are at the heart of Cnova’s B2B and B2C strategic development:
***
About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves 8.1 million active customers via its state-of-the-art website, Cdiscount. Cnova N.V.’s product offering provides its B2C clients with a wide variety of very competitively priced goods, fast and customer-convenient delivery options, practical and innovative payment solutions as well as travel, entertainment and domestic energy services. Cnova N.V. also serves B2B clients internationally through Octopia (Marketplace-as-a-Service solutions), Cdiscount Advertising (advertising services for sellers and brands) and C-logistics (end-to-end logistic ecommerce solution). Cnova N.V. is part of Groupe Casino, a global diversified retailer. Cnova N.V.'s news releases are available at www.cnova.com. Information available on, or accessible through, the sites referenced above is not part of this press release.
This press release contains regulated information (gereglementeerde informatie) within the meaning of the Dutch Financial Supervision Act (Wet op het financieel toezicht) which must be made publicly available pursuant to Dutch and French law. This press release is intended for information purposes only.
Cnova Investor Relations Contact:investor@cnovagroup.comTel : +33 6 79 74 30 94 | Media contact:directiondelacommunication@cdiscount.comTel: +33 6 18 33 17 86cdiscount@vae-solis.comTel: +33 6 17 76 79 71 |
***
1 Like-for-like figures exclude cross-canal sales and Cdiscount Energy GMV for 1Q22; 2 as of April 25th, 20232 2022 figures have been restated to take into account CChezVous disposal (discontinued operations)3 Like-for-like figures exclude cross-canal sales and Cdiscount Energy GMV for Q1224 Calculated as advertising services revenues divided by total product GMV excluding VAT (Marketplace GMV excl. VAT + Direct sales GMV excl. VAT)5 Like-for-like figures exclude cross-canal sales and Cdiscount Energy GMV for Q122
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