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Share Name | Share Symbol | Market | Type |
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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.Third Quarter 2022 activity & update
Cnova posted a -15% like-for-like GMV decrease in Q3 vs. 2021 with a resilient marketplace at -3 % in a persistent context of macro-economic uncertainties and disruptions:
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AMSTERDAM – October 20, 2022, 07:45 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced its third quarter 2022 activity.
During the 3rd quarter of 2022, in a context still marked by uncertain macro-economic conditions and inflation headwinds, Cnova’s overall GMV decreased by -15% on a like-for-like basis, compared to a high comparison base in 2021, with a strong mix improvement towards marketplace driving advertising services revenues expansion.
Marketplace GMV decreased by -3% in the 3rd quarter of 2022 but increased by +7% vs. pre-pandemic level of 2019 while its revenues increased by +26% over the last 3 years. The strategic mix improvement towards marketplace brought its GMV share up to 52% in the 3rd quarter, a more than +9pts increase in just a year. This result was supported by the Fulfilment by Cdiscount and Cdiscount Express Seller marketplace GMV share reaching a record high level of 52% in the 3rd quarter, increasing by +7pts vs. 2021, and dedicated co-financed promotions from top sellers.
Advertising services revenues reached €17m in the 3rd quarter of 2022 now representing nearly 2.6% of Product GMV, an increase of +0.5pt vs. 2021, driven by Cnova’s in-house bidding platform: Cdiscount Ads Retail Solution (“CARS”) revenues increased by +22% in the 3rd quarter compared to 2021.
B2B investments began to yield positive results with Octopia Marketplace and Mechants-as-a-Service solutions gaining traction and now accumulating 25 clients of which 9 are already live, proving the quality and competitiveness of its all-in-one solution.
Last quarter, Cnova announced the implementation of an Efficiency Plan aiming at swiftly recalibrating its cost structure & capex level to the current volume of activity. The plan triggered €75m of projected savings on a full-year basis by the end of 2023, at the end of the 3rd quarter, the execution is on-track to deliver the expected savings of €30m in the 2nd half of the year.
Emmanuel Grenier, Cnova’s CEO, commented:
“In the 3rd quarter of 2022, while facing continuous adverse market conditions, Cnova’s priority was to successfully deliver its Efficiency Plan, which is on-track with targets, and to keep investing in its core strategic pillars: marketplace share has increased tremendously and reached a record high, advertising services are fast increasing their penetration in GMV. Octopia is dynamic and developing well.”
Third Quarter 2022 Key Figures
Cnova N.V. | Third Quarter2 | Change | ||
2022 | 2021 | Reported | L-f-L3 | |
Key operational metrics | ||||
Traffic (million visits) | 228.3 | 247.4 | -7.7% | |
Orders4 (million) | 5.3 | 6.4 | -16.8% | |
o/w Marketplace | 4.0 | 4.2 | -4.3% | |
Items sold (million) | 8.7 | 11.0 | -21.5% | |
o/w Marketplace | 6.0 | 6.1 | -1.5% | |
Key financial figures (€m) | ||||
Total GMV | 778.8 | 1,006.4 | -22.6% | -15.3% |
Ecommerce platformo/w Direct sales | 755.2 | 984.1 | -23.3% | -15.8% |
305.0 | 450.7 | -32.3% | ||
o/w Marketplace | 332.4 | 342.2 | -2.9% | |
Marketplace share5 | 52.2% | 43.2% | +9.0pts | |
o/w Advertising services | 19.8 | 19.8 | -0.2% | |
o/w Services | 33.7 | 75.2 | -55.2% | +36.5% |
o/w Other revenues | 64.4 | 96.2 | -33.1% | +8.1% |
B2B activities | 23.6 | 22.3 | +5.9% | |
o/w Octopia | 22.4 | 22.1 | +1.1% | |
o/w C-logistics6 | 1.3 | 0.2 | x6.9 | |
Total Net Sales | 378.8 | 525.6 | -27.9% | -23.4% |
Third Quarter 2022 Highlights
GMV | 3Q22 |
Total like-for-like2 growth | -15.3% |
Marketplace growth | -2.9% |
Travel growth | +37.9% |
Octopia growth | +1.1% |
GMV posted a resilient -15.3% like-for-like decrease in the 3rd quarter 2022 compared to a high comparison base. This year-on-year change was driven by:
Marketplace | 3Q22 | Change vs. 3Q21 |
Marketplace product GMV share4 | 52.2% | +9.0 pts |
Marketplace Fulfilment + Express sellers GMV share | 52.4% | +7.2 pts |
Marketplace revenues | €44.7m | +0.2% |
Advertising services Product GMV take rate7 | 2.6% | +0.5 pt |
Marketplace posting a 30pts growth differential against first party sales vs. the same period last year, decreasing overall by -2.9%. Raised quality standards, with NPS up 1.6pts y-o-y to 51 in the 3rd quarter, led to a fast-increasing marketplace GMV share this quarter up to 52.2%. As part of this strategy, Fulfilment by Cdiscount and Express seller program continued to be very dynamic now representing 52.4% of marketplace GMV in the 3rd quarter, an increase of 7.2 pts vs. last year.
Clients | 3Q22 | Change vs. 3Q21 |
Active clients | 8.8 | -14.5% |
CDAV subscribers base (m) | 2.5 | +2.9% |
CDAV GMV share | 44.4% | +3.1pts |
Our loyalty program Cdiscount à Volonté (CDAV) customer base grew by +2.9%, reaching 2.5 million members. CDAV represented 44.4% of total GMV in the 3rd quarter 2022, an increase of +3.1pts vs. 2021. CDAV members show three times more purchase recurrence and loyalty than non-CDAV clients.
Net Sales | 3Q22 |
Total like-for-like2 growth | -23.4% |
Net Sales amounted to €378.8m, i.e. a -23.4% like-for-like decrease vs. 3rd quarter 2021. This decrease is primarily driven by the voluntary mix improvement towards marketplace especially for non-technical goods categories with negative contribution margin.
Business Highlights
Fast expanding marketplace GMV share and stable Marketplace revenues with accelerated positive trends compared to pre-pandemic level
Expansion of marketplace SKUs eligible to express delivery is a key driver of growth, customer satisfaction and contributes to the development of our loyalty program, Cdiscount à Volonté (CDAV), that now encompasses 2.5 million members. It is also determinant to support the product mix re-orientation towards the marketplace
B2C Services showed solid performance while the offer was expanded
Dynamic Advertising services powered by Cdiscount Ads Retail Solution
Acceleration of Octopia, the turnkey marketplace solution for EMEA retailers and e-merchants
C-Logistics reinforces its industrial partnership with Group La Poste/GeoPost through the acquisition by GeoPost of a majority stake in CChezVous, C-Logistics' subsidiary dedicated to the transportation of bulky products, for a consideration of 64 million euros. Both parties agreed to extend their collaboration to deliver small parcels throughout Europe, enabling C-logistics to accelerate its international expansion, reinforcing Cnova’s B2B strategic pillar.
Cnova continues its action plan in favour of a more sustainable e-commerce:
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About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves 8.8 million active customers via its state-of-the-art website, Cdiscount. Cnova N.V.’s product offering provides its 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. 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 | Media contact:directiondelacommunication@cdiscount.comTel: +33 6 18 33 17 86 |
***
1 Amount subject to potential closing adjustments.2 All figures are unaudited3 Like-for-like figures exclude cross-canal sales and Cdiscount Energy GMV for 3Q21 and 3Q224 Total placed orders before cancellation due to fraud detection and/or customer non-payment5 Calculated as marketplace GMV divided by total product GMV (Marketplace GMV + Direct sales GMV)6 CChezVous B2B net sales not included after disposal to Geopost of a 95% majority stake7 Calculated as advertising services revenues divided by total product GMV (Marketplace GMV + Direct sales GMV)
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