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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 6.06% | 1.40 | 1.32 | 1.40 | 1.40 | 1.325 | 1.325 | 928 | 02:01:49 |
CNOVA N.V.
Full Year 2017 Activity
AMSTERDAM - January 12, 2018, 07:45 CET - Cnova N.V. (Euronext Paris: CNV ; ISIN: NL0010949392) ("Cnova" or the "Company") today announced unaudited operating data for the quarter and full year ended December 31, 2017, and provided a progress report on its strategic realignment plan.
Emmanuel Grenier, Cnova CEO, commented:
"After an outstanding sales performance in the 3rd quarter, Cnova concluded 2017 with record breaking Black Friday traffic and sales performances. 2017 saw the launch of our new strategic plan in the 2nd quarter. Our double-digit GMV growth, continued market share gains month since April[2] as well as the increase in customer satisfaction[3] illustrate the relevance of this plan, which reinforced our positioning as the leading French e-merchant. The significant investments required for its implementation are however temporarily weighing on our financial performance, although with a sequential improvement throughout the year 2017.
First, we aim to make available the best products and services to our customers at the most competitive prices. To do so, the number of products eligible for our free express delivery option of our loyalty program Cdiscount à volonté tripled over the year while our marketplace references increased by more than 80%. We also successfully launched innovative new services for our customers such as our exclusive instant consumer credit offer ("Coup de pouce") and our home energy supply solution, the most affordable on the market, Cdiscount Energie.
Second, we significantly enhanced customers' experience all along the customer journey. As a first step, before purchase, with the complete revamping of our mobile site and app, now one of the best rated in the market with a 4.5/5 grade. And also after purchase with our unique same-day delivery offer now available in Paris, Lyon and Lille.
Third, we are accelerating the development of monetization through the creation of a comprehensive marketplace ecosystem dedicated to our vendors: ramp-up of fulfillment services, offer of tailored advertising as well as financial and transportation services.
As we move into 2018, we remain committed to accelerate the implementation of our strategic plan, striving to offer the best on- and offline customer experience, while reinforcing new revenue streams and dynamics of innovation."
Full Year 2017 Highlights
GMV (gross merchandise volume) totaled €3.4 billion, an increase of 9.6% versus 2016 on a like-for-like (l-f-l) basis. On a reported basis, GMV rose 13.2% compared to 2016. After a modest start in the first quarter of 2017, Cdiscount commercial performance has been boosted by the strategic realignment plan initiated in the second quarter of 2017 which led to an historical sales performance in the 3rd quarter and a record-breaking Black Friday in November.
Mobile share of GMV continued to strongly increase at 38.1% for the full year 2017, i.e. +737 basis points compared to 2016.
The marketplace share of total GMV reached 32.0% in 2017 compared to 31.4% in 2016. The number of marketplace references increased by more than 80% year-on-year (y-o-y). The share of marketplace GMV fulfilled by Cdiscount more than doubled y-o-y to reach 19% at the end of 2017.
Net sales totaled €2.1 billion in 2017, up 9.3% on a l-f-l basis compared to 2016 (+14.4% on a reported basis). Home Furnishings and Household Appliances accounted for 45% of direct sales, while Hi-tech items (audio visual and smartphones) and IT goods represented 35%.
According to Gfk, Cdiscount posted continued market share gains in Technical Goods (Hi-tech, Computers and Home Appliances) since April with y-o-y market share gains of respectively 1.5 pt and 1.4 pt in value and 1.7 pt in volume in October and November.
Traffic at Cdiscount.com grew by 12.4% in 2017 to 946 million visits. The mobile share of traffic rose 645 basis points to 59.5% in 2017.
The number of active customers amounted to 8.6 million, a y-o-y increase of 6.0%. Membership of Cdiscount à volonté (CDAV) continued to grow rapidly, increasing by 48% compared to December 2016.
Cdiscount confirmed its leadership in social media visibility and commitment among top e-retailers in France. According to a NukeSuite study published in November 2017, Cdiscount ranks first on Facebook France in terms of interactions (likes, shares and comments). Cdiscount strong social media profile was confirmed during Black Friday with a total of 223,000 interactions, by far the best performance among main retailers in France[4].
Orders increased by 8.3% to reach 26.8 million in 2017. CDAV customers accounted for 29.7% of total orders in 2017 compared to 18.6% in 2016, purchasing on average three times more frequently than non-CDAV customers.
The number of items sold rose by 6.9% to 52.8 million in 2017.
Strategic Realignment Plan Progress Report
The Strategic Realignment Plan (product catalogue expansion, reinforcement of multichannel strategy and customer delivery and technological enhancements) launched in the 1st semester of 2017 has been successfully implemented.
Product catalogue expansion:
Multichannel strategy reinforcement:
Cdiscount is now managing the Hi-tech and Home Furnishing product categories of Géant hypermarkets and Casino integrated supermarkets (collectively, DCF), providing immediate in-store availability for c. 5,000 references. 2017 net sales generated in DCF stores amounted to €108 million.
In the 2nd half of 2017, several additional initiatives were undertaken to enhance our multichannel offer:
Delivery enhancements and logistical innovations:
Technological advantages and customer experience:
New revenue streams:
4th Quarter 2017 Highlights
GMV amounted to €1.1 billion for the 4th quarter 2017, up 7.9% on a l-f-l basis compared to the same period in 2016 (+15.9% on a reported basis).
Net sales totaled €701 million in the 4th quarter 2017, i.e. an increase of 9.2% on a l-f-l basis compared to the same period in 2016. On a reported basis, net sales were up by 20.1% vs the 4th quarter 2016. All categories benefited from Black Friday in November (up 80% compared to 2016), which also contributed to the site traffic dynamism with a record growth of nearly 40% vs 2016 Black Friday.
Cdiscount unveiled a new brand strategy early November relying on the signature "N'économisez pas votre plaisir", i.e. "Don't spare your pleasure". Based on Cdiscount core values, i.e. proximity and boldness, this new strategy is expected to reinforce Cdiscount's emotional connection to its customers and consolidate its position as the leading French e-retailer.
***
Annex A - Full Year Activity
Cnova N.V. | Full year(1) | Change | ||
2017 | 2016 | Reported(1) | L-F-L(2) | |
GMV(3) (€ millions) | 3,390.5 | 2,994.3 | +13.2% | +9.6% |
Marketplace share | 32.0% | 31.4% | +56 bp | |
Mobile share | 38.1% | 30.8% | +737 bp | |
CDAV share | 31.1% | 20.4% | +1,063 bp | |
Net sales (€ millions) | 2,122.0 | 1,855.7 | +14.4% | +9.3% |
Traffic (visits in millions) | 946.1 | 841.8 | +12.4% | |
Mobile share | 59.5% | 53.0% | +645 bp | |
Active customers(4) (millions) | 8.6 | 8.2 | +6.0% | |
Orders(5) (millions) | 26.8 | 24.7 | +8.3% | |
CDAV share | 29.7% | 18.6% | +1,109 bp | |
Number of items sold (millions) | 52.8 | 49.4 | +6.9% |
Annex B - Fourth Quarter Activity
Cnova N.V. | 4th quarter(1) | Change | ||
2017 | 2016 | Reported(1) | L-F-L(2) | |
GMV(3) (€ millions) | 1,093.4 | 943.2 | +15.9% | +7.9% |
Marketplace share | 30.6% | 31.4% | -78 bp | |
Mobile share | 39.2% | 34.5% | +465 bp | |
CDAV share | 32.3% | 25.9% | +647 bp | |
Net sales (€ millions) | 701.2 | 584.1 | +20.1% | +9.2% |
Traffic (visits in millions) | 282.2 | 253.3 | +11.4% | |
Mobile share | 61.3% | 55.1% | +629 bp | |
Active customers(4) (millions) | 8.6 | 8.2 | +6.0% | |
Orders(5) (millions) | 8.4 | 8.2 | +2.3% | |
CDAV share | 31.4% | 25.4% | +602 bp | |
Number of items sold (millions) | 17.3 | 17.1 | +1.1% |
***
About Cnova N.V.
Cnova N.V., one of the leading e-Commerce companies in France, serves 8.7 million active customers via its state-of-the-art website, Cdiscount. Cnova N.V.'s product offering of more than 37 million items provides its clients with a wide variety of very competitively priced goods, several fast and customer-convenient delivery options as well as practical payment solutions. 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.com Tel: +31 20 301 22 40 | Media contact: audrey.donazzolo@cdiscount.com Tel: +33 5 56 30 07 14 |
[1] Like-for-like (l-f-l): figures have been adjusted to make them comparable across periods, by eliminating: i) operating data related to the specialty sites Comptoir des Parfums, Comptoir Santé and MonCornerDéco due to their sale or closure in 2016, ii) B2B operating data due the voluntary pullback of their sales initiated in the 3rd quarter of 2016, iii) the leap year impact in 2016 (-0.4 pt and -0.3 pt on GMV and net sales growth, respectively) and iv) Cdiscount sales made to Casino clients in France in relation with the multichannel agreement with Casino effective since June 19, 2017 (+4.3 pts and +5.8 pts on GMV and net sales growth, respectively).
[2] Gfk Technical Goods market shares.
[3] Internal measurement of client satisfaction through the Net Promoter Score (NPS).
[4] According to a Sprinklr survey published on November 27, based on the volume of references associated to Black Friday made on social media, news, blogs, and forums in French.
[5] Fasterize data.
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