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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 |
2022 Second Quarter Activity & First Half Financial Performance
Confirming long-term strategywith resilient performance of Marketplace, Advertising services and B2B activities,and swift recalibration of cost structure to face current macro-economic context
In a market impacted by changing macro-economic environment and low demand, Cnova posted -10% overall GMV decrease in Q2 in line with Q1 (-10% in 1H22) with a strong mix improvement towards the marketplace and a sharp rebound of travel activity
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AMSTERDAM - July 28, 2022, 7:00 CEST Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced its second quarter activity and first half unaudited financial results for 2022.
During the 1st Half 2022, in a context of uncertain macro-economic conditions and inflation headwinds, Cnova posted decreasing overall GMV by -10% together with a significant mix improvement towards the marketplace that exceeded 50% GMV share for the first time in the 2nd quarter of 2022.Considering this current level of activity and adverse market conditions, Cnova 2022 priority is to recalibrate its cost structure to preserve cash and profitability while pursuing its 3 long-term strategy pillars towards more marketplace, more advertising services and accelerating B2B activities.
Marketplace GMV decreased by -11% in the 1st half of 2022 but increased by +19% vs. pre-pandemic level of 2019. Marketplace benefited from a record-high quality level narrowing the gap with the overall NPS supported by the development of Fulfilment by Cdiscount and Cdiscount Express seller.Advertising services reached €33m in the 1st half of 2022, growing +15% and doubling vs. pre-pandemic level of 2019, mainly driven by the continued development of sponsored products thanks to enhanced bidding algorithms powered by artificial intelligence.
B2B activities are accelerating: Octopia Marketplace-as-a-Service offers signed 11 new contracts in the 1st half of 2022 to reach 23 signed contracts overall. C-Logistics third party offers benefited from a strong commercial ramp-up with now 53 clients, 31 additional customers vs. end 2021.
Cnova has launched in Q2 an Efficiency Plan to swiftly recalibrate its cost structure & capex level to this current volume of activity with a €75m savings target on a full-year basis by the end of 2023. The Plan, supported by a dedicated transformation team, is projecting to bring savings above €30m in 2nd half of the year. For the 1st half of 2022, Gross margin is stable as % of net sales and EBITDA remains positive at €17m while last-six-months Free Cash Flow before financial interests improved by €103m compared to last year at -€101m, a +€23m structural improvement excluding positive one-off impacts.
Emmanuel Grenier, Cnova's CEO, commented:
“In the 1st half of 2022, Cnova’s priority was to adapt fast to new adverse market conditions launching an Efficiency Plan early in the 2nd quarter to protect profitability and cash with structural reduction in direct sales inventories and G&A costs. We remain fully focused on our strategic plan which is well on track: more marketplace, more advertising services and B2B acceleration with 11 new contracts for Octopia and 31 new contracts for C-logistics in just 6 months.”
Financial highlights
Financial performance(€ millions) | 2022Half year | 2021Half year | Change vs. 2021 | |||||||||||||||
Reported | L-f-L2 | |||||||||||||||||
Total GMV | 1,793 | 1,991 | -9.9% | -12.5% | ||||||||||||||
Ecommerce platform | 1,734 | 1,936 | -10.4% | -13.1% | ||||||||||||||
o/w Direct sales | 679 | 865 | -21.5% | |||||||||||||||
o/w Marketplace | 668 | 747 | -10.6% | |||||||||||||||
Marketplace share | 49.6% | 46.3% | +3.2pts | |||||||||||||||
o/w Services | 150 | 128 | +17.2% | +61.6% | ||||||||||||||
o/w Other Revenues | 237 | 196 | +20.8% | +3.8% | ||||||||||||||
B2B activities | 59 | 55 | +6.7% | |||||||||||||||
o/w Octopia | 49 | 54 | -7.9% | |||||||||||||||
o/w C-Logistics | 9 | 1 | x7.2 | |||||||||||||||
Total Net sales | 881.2 | 1,009.0 | -12.7% | -16.3% | ||||||||||||||
EBITDA3 | 16.8 | 48.9 | -65.6% | |||||||||||||||
% of Net sales | 1.9% | 4.8% | -2.9pts | |||||||||||||||
Operating EBIT | -31.7 | 6.2 | -37.9 | |||||||||||||||
% of Net sales | -3.6% | 0.6% | -4.2pt | |||||||||||||||
Net Financial Result | -42.4 | -24.2 | -18.2 | |||||||||||||||
Net Profit from continuing operations | -67.5 | -19.5 | -48.1 | |||||||||||||||
Free cash flow figures(€ millions) | Half-yearJune 2022 | Half-yearJune 2021 | Changevs. 2021 | |||||||||||||||
EBITDA3 | 16.8 | 48.9 | -65.6% | |||||||||||||||
(-) non-recurring items | -6.3 | -2.9 | x2.2 | |||||||||||||||
(-)rents | -17.7 | -16.5 | +7.3% | |||||||||||||||
Cash from continuing operations, incl. rents | -7.2 | 29.5 | -36.7 | |||||||||||||||
Net CAPEX (incl. Floa impact) | -27.1 | -53.5 | -49.3% | |||||||||||||||
Change in working capital | -65.2 | -179.6 | -63.7% | |||||||||||||||
Income taxes | -1.8 | -0.7 | -1.1 | |||||||||||||||
FCF continuing operations before Net Financial Result | -101.3 | -204.3 | +103.0 | |||||||||||||||
(Net Financial Debt)/Net Cash | -469.6 | -425.7 | -43.9 |
2nd quarter & 1st semester operational highlights
Business KPIs | 2022Half year | 2021Half year | Changevs. 2021 | ||
Marketplace GMV share | 49.6% | 46.3% | +3.2pt | ||
Marketplace revenues (€m) | 89.5 | 96.3 | -7.1% | ||
Advertising services (€m) | 33.2 | 28.9 | +14.9% | ||
Number of orders (millions) | 11.3 | 14.2 | -20.8% | ||
o/w Marketplace orders | 8.0 | 9.7 | -17.1% | ||
Items sold (millions) | 18.8 | 24.2 | -22.2% | ||
o/w Marketplace items sold | 11.9 | 14.3 | -16.1% |
Operational highlights of the first half of 2022 demonstrate the successful shift towards Cnova’s marketplace platform with a GMV share increasing by +3.2pts in line with historical average and dynamic advertising services. Number of orders and items decreases compared to a high comparison base in 2021 with the beginning of 2022 marked by high inflation headwinds and low demand.
Focus on 2nd quarter operational highlights
GMV | 2Q22 vs. 21 |
Total GMV growth | -10.5% |
Net sales growth | -12.0% |
Marketplace GMV growth | -10.9% |
Travel GMV growth | +67.0% |
Facing strong inflation headwinds and a changing macro-economic environment in the second quarter 2022, Cnova overall GMV decreased by a resilient -10%, with market share gains of +0.2 pt and +0.4 pt in the months of April and May4:
Clients: Cnova reached 9.1 million active clients at the end of the 2nd quarter, a decrease of -11.4% vs. end June 2021, an active client base that was boosted by exceptional circumstances in a pandemic context.
Cdiscount à Volonté (“CDAV”), Cdiscount’s loyalty program, now encompasses 2.5 million members (+7.0% y-o-y growth) benefiting from 3.0 million SKUs available for express delivery, +32% compared to last year. Considering market slowdown, this increase in Cnova’s loyal customer base is demonstrating the success of the strategy relying on express delivery and dedicated promotions to boost CDAV value-added.
Clients | vs. June 21 |
Total clients growth13 | -11.4% |
CDAV subscriber base growth5 | +7.0% |
With 70% of the traffic coming from mobile, Cnova mitigated market headwinds and maintained its strong #2 position in France according to Médiamétrie6. Number of visitors on mobile receded by only -2.4% while overall traffic declined by -9.6% to the 2nd quarter 2021.
Traffic | vs. 2Q21 |
Number of visitors7 | -9.6% |
Marketplace | vs. 2Q21 |
Marketplace GMV share evolution | +9pts |
Fulfilment marketplace GMV share8 | +2.9pts |
Cnova’s strategic shift towards the Marketplace is accelerating, exceeding the 50% GMV share landmark for the first time in a sole quarter – an increase of 9 points compared to last year. The marketplace increased by +19% vs. pre-pandemic level of 2019.
First Half financial performance
Cnova N.V.(€ millions) | Half Year | Change | |
2022 | 2021 | vs. 2021 | |
GMV | 1,793.1 | 1,991.1 | -9.9% |
Net sales | 881.2 | 1,009.0 | -12.7% |
Gross margin | 201.0 | 234.5 | -14.3% |
As a % of Net sales | 22.8% | 23.2% | -0.4pts |
SG&A (excl. D&A) | -184.4 | -185.8 | -0.2% |
As a % of Net sales | -20.9% | -18.4% | -2.5pts |
EBITDA | 16.8 | 48.9 | -32.1 |
As a % of Net sales | 1.9% | 4.8% | -2.9pts |
Operating EBIT | -31.7 | 6.2 | -37.9 |
Net financial income / (expense) | -42.4 | -24.2 | -18.2 |
Net profit / (loss) from cont. operations | -67.5 | -19.5 | -48.1 |
Net sales amounted to €881.2m in the 1st half 2022, a -12.7% decrease compared to 2021. Net sales recorded the acceleration of the profitable shift of product sales towards marketplace sales, which are only recognized for the amount of the associated commissions.
Gross margin was €201.0m in the 1st half 2022, representing 22.8% of net sales, a slight decrease of -0.4 point compared to 2021 but a significant increase of +5.3 pts compared to pre-pandemic level (1st half of 2019). This gross margin increase over the past three years demonstrates the success of the implementation of the strategic plan, with a marketplace growing +19% compared to the 1st half of 2019 and advertising services nearly doubling in revenues vs. the same pre-pandemic level. Compared to 2021, Cnova accelerated its shift towards the marketplace with direct sales margin negatively impacted by increase in transportation costs and destocking initiatives in a context of Efficiency Plan to optimize working capital needs and inventory levels to current level of activity. Despite those underlying drivers, dynamic advertising services helped maintaining a relatively flat gross margin compared to 2021.
SG&A costs amounted to €(184.4)m in the 1st half 2022, representing 20.9% of net sales, a -2.5 points decrease y-o-y. During the 2nd quarter, an efficiency plan to recalibrate cost structure to current level of activity was launched with first significant positive impact expected in the 2nd half and full run-rate impact in 2023. Fulfillment costs, at 7.1% of net sales (+0.2 point), decreasing by €7m compared to the same period of last year as this cost line was favorably impacted by lower volume in H1 for its variable part (logistics, after sales and payment processing) and first benefits from the Efficiency Plan for its fixed part. Marketing costs represented 5.9% of net sales (+0.8 point), stable in value with lower volume driving down marketing variable costs offset by a media campaign over the months of May and June. Technology & Content costs increased at 5.1% of net sales (+1.1 point) mainly impacted by the acceleration of the product & commercial development of Octopia’s solutions. General & Administrative expenses decreased in value as head office costs increase to support the acceleration of the new B2B activities was compensated by first quick wins from the Efficiency Plan. SG&A savings from the Efficiency Plan are not material yet but will generate, together with CAPEX savings, significant cost reductions of more than €30m in the 2nd half of 2022 and €75m in 2023 on a full-year basis.
As a result, 1st half EBITDA decreased to +€17m compared to last year, representing 1.9% of net sales (-2.9 point vs. 2020). In a context of significant market headwinds, EBITDA benefited from a resilient marketplace performance and increased revenues from advertising services while destocking initiatives negatively impacted Direct Sales gross margin.
Operating EBIT decreased to -€32m, with depreciation and amortization increasing by €6m y-o-y (5.5% of net sales, +1.3 pt vs. 1H21) mainly due to accelerated investments in relation to Octopia over the past 12 months.
Net financial expenses – mainly related to 4-installment payment solutions offered to customers – amounted to €42m, a significant increase compared to last year as a result of an increase in 4x payment take rate in GMV since the 2nd half of 2021 and higher refinancing interest rates.
As part of the Efficiency Plan, 4-installment payment share of GMV and its associated cost of risk are being optimized with positive results expected in the coming months with the full-year impact expected in 2023.
Net loss amounted to €(70)m, an important decrease compared to last year level. 1H21 result was favorably impacted by exceptional circumstances in a pandemic context while 1H22 was heavily impacted by low demand and high inflation headwinds at EBITDA level and cost of risks increase at financial results level.
Free cash flow figures(€ millions) | Half-yearJune 2022 | Half-yearJune 2021 | Changevs. 2021 | ||
EBITDA | 16.8 | 48.9 | -65.6% | ||
(-) non-recurring items | -6.3 | -2.9 | x2.2 | ||
(-) rents | -17.7 | -16.5 | +7.3% | ||
Cash from continuing operations, incl. rents | -7.2 | 29.5 | -36.7 | ||
Net CAPEX (incl. Floa transaction) | -27.1 | -53.5 | -49.3% | ||
Change in working capital | -65.2 | -179.6 | -63.7% | ||
Income taxes | -1.8 | -0.7 | -1.1 | ||
FCF continuing operations before Net Financial Result | -101.3 | -204.3 | +103.0 | ||
(Net Financial Debt)/Net Cash | -469.6 | -425.7 | -43.9 |
Free cash flow before financial expenses amounted to -€101m in the first six months, i.e. +€103m increase compared to the same period last year in a difficult market context where limiting cash outflows remains the main priority for Cnova:
Key Business Achievements
Marketplace growing double-digit over the past three years, driving up revenues and profitability
Direct sales performance of technical goods categories benefited from strengthened relations with national brands but were mainly impacted by high comparison base and adverse market conditions but with:
B2C services high growth with Cdiscount Voyages (Travel) rebound in the 2nd quarter
Enhanced customer experience and record high NPS
Dynamic advertising services powered by Cdiscount Ads Retail Solution
Octopia is growing, establishing itself as a turnkey marketplace solution for EMEA retailers and e-merchants
C Chez Vous and C-Logistics commercial acceleration, aiming to become leading transportation & logistics service providers in Europe
Cnova pursues its CSR strategy reinforcing its status of European digital leader sustainable and inclusive.
Cnova is committed promoting a more sustainable way to consume and developing circular economy toward its BtoC and BtoB businesses:
Cnova long term investments to reduce the environmental impact of its logistics enable to achieve high performances:
Greener Delivery:
Reducing Packaging:
Cnova continues its societal commitment:
Outlook
In the 2nd quarter 2022, Cnova has launched an Efficiency Plan to swiftly recalibrate its cost structure & capex level with a total of €75m savings target on a full-year basis by the end of 2023, representing 15% of the total 2021 SG&A and CAPEX spendings. The Plan, supported by a dedicated transformation team, is projecting to bring savings above €30m in 2nd half of the year.
***
Cnova publishes today on its website, Thursday July, 28th, its 2022 semi-annual report.
***
About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves 9.1 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 |
Appendices
Cnova N.V. 1st Half 2022 Consolidated Financial Statements(1)
Consolidated Income Statement | 1st Half2022 | 1st Half2021 | Change | |
€ millions | ||||
Net sales | 881.2 | 1009.0 | -12.7% | |
Cost of sales | (680.3) | (774.5) | -12.2% | |
Gross margin | 201.0 | 234.5 | -14.3% | |
% of net sales | 22.8% | 23.2% | (0.4pts) | |
SG&A(2) | (232.7) | (228.3) | +1.9% | |
% of net sales | -26.4% | -22.6% | (3.8pts) | |
Fulfillment | (78.2) | (84.6) | -7.6% | |
Marketing | (52.1) | (51.2) | +1.7% | |
Technology and content | (75.5) | (66.1) | +14.2% | |
General and administrative | (26.8) | (26.3) | +2.0% | |
Operating EBIT(3) | (31.7) | 6.2 | -37.9 | |
% of net sales | -3.6% | 0.6% | (4.2pts) | |
Other expenses | 10.1 | 0.9 | +9.1 | |
Operating profit/(loss) | (21.6) | 7.1 | -28.8 | |
Net financial income/(expense) | (42.4) | (24.2) | +75.3% | |
Profit/(loss) before tax | (64.0) | (17.0) | +275.7% | |
Income tax gain/(expense) | (3.5) | (2.4) | +44.8% | |
Net profit/(loss) from continuing operations | (67.5) | (19.5) | -48.1 | |
Net profit/(loss) from discontinued operations(4) | (2.3) | (1.3) | +75.9% | |
Net profit/(loss) for the period | (69.8) | (20.8) | n.m | |
% of net sales | -7.9% | -2.1% | (5.9pts) | |
Attributable to Cnova equity holders (incl. discontinued) | (70.3) | (21.2) | n.m | |
Attributable to non-controllinginterests (incl. discontinued) | 0.5 | 0.4 | +23.8% | |
Adjusted EPS (€)(5) | (0.20) | (0.06) | (0.14) |
*re-presented to consider Haltae (Stootie operations legal entity) financials reclassified in discontinued activities1) Unaudited financial statements2) SG&A: Selling, General and Administrative expenses3) Operating EBIT: operating profit/(loss) before other expenses (strategic and restructuring expenses, litigation expenses and impairment and disposal of assets expenses).4) In accordance with IFRS5 (Non-current Assets Held for Sale and Discontinued Operations), HALTAE (formerly Stootie)’s post-tax net profit for the year ended 31 December 2022 and 2021 are reported under “Net profit/(loss) from discontinued operations”5) Adjusted EPS: net profit/(loss) attributable to equity holders of Cnova before other expenses and the related tax impacts, divided by the weighted average number of outstanding ordinary shares of Cnova during the applicable period.
Consolidated Balance Sheet | 2022End June | 2021End December | |
(€ millions) | |||
ASSETS | |||
Cash and cash equivalents | 14.7 | 20.4 | |
Trade receivables, net | 99.4 | 150.9 | |
Inventories, net | 216.6 | 302.7 | |
Current income tax assets | 3.1 | 4.0 | |
Other current assets, net | 200.5 | 186.4 | |
Total current assets | 534.2 | 664.4 | |
Other non-current assets, net | 9.3 | 10.6 | |
Deferred tax assets | 42.3 | 43.6 | |
Right of use, net | 138.5 | 138.3 | |
Property and equipment, net | 20.5 | 23.4 | |
Intangible assets, net | 240.8 | 233.0 | |
Goodwill | 122.3 | 122.3 | |
Total non-current assets | 573.8 | 571.2 | |
Assets held for sale | 0.0 | 3.7 | |
TOTAL ASSETS | 1,108.0 | 1,239.4 | |
EQUITY AND LIABILITIES | |||
Current provisions | 5.6 | 4.1 | |
Trade payables | 417.6 | 624.3 | |
Current financial debt | 140.2 | 84.2 | |
Current lease liabilities | 35.4 | 34.0 | |
Current tax and social liabilities | 118.1 | 104.4 | |
Other current liabilities | 183.9 | 216.9 | |
Total current liabilities | 901.0 | 1,067.9 | |
Non-current provisions | 7.6 | 8.8 | |
Non-current financial debt | 372.1 | 280.4 | |
Non-current lease liabilities | 129.1 | 130.8 | |
Other non-current liabilities | 18.1 | 3.1 | |
Deferred tax liabilities | 1.3 | 1.3 | |
Total non-current liabilities | 528.3 | 424.4 | |
Liabilities held for sale | - | - | |
Share capital | 17.3 | 17.3 | |
Reserves, retained earnings and additional paid-in capital | (410.3) | (341.4) | |
Equity attributable to equity holders of Cnova | (393.1) | (324.2) | |
Non-controlling interests | 71.7 | 71.3 | |
Total equity | (321.3) | (252.9) | |
TOTAL EQUITY AND LIABILITIES | 1,108.0 | 1,239.4 |
Consolidated Cash Flow Statement | First 6 months2022 | First 6 months2021* | |
(€ millions, ended June) | |||
Net profit/(loss) from continuing operations | (68.2) | (19.8) | |
Net profit/(loss), attributable to non-controlling interests | 0.5 | 0.4 | |
Net profit (loss) for the period excl. discontinued operations | (67.7) | (19.5) | |
Depreciation and amortization expense | 48.2 | 42.0 | |
(Gains) losses on disposal of non-current assets and impairment of assets | (18.4) | 2.1 | |
Other non-cash items | 1.9 | - | |
Financial expense, net | 42.4 | 24.2 | |
Current and deferred tax (gains) expenses | 3.3 | 2.4 | |
Income tax paid | (1.8) | (0.7) | |
Change in operating working capital | (66.7) | (183.9) | |
Inventories of products | 86.1 | (26.5) | |
Accounts payable | (205.8) | (152.4) | |
Accounts receivable | 68.7 | 53.5 | |
Working capital non-goods | (15.6) | (58.6) | |
Net cash from/(used in) continuing operating activities | (58.8) | (133.3) | |
Net cash from/(used in) discontinued operating activities | (2.3) | (1.0) | |
Purchase of property, equipment & intangible assets | (47.6) | (53.7) | |
Purchase of non-current financial assets | (0.0) | (0.1) | |
Proceeds from disposal of prop., equip., intangible assets | 20.5 | 0.4 | |
Changes in loans granted (including to related parties ) | (80.3) | 129.9 | |
Net cash from/(used in) continuing investing activities | (107.4) | 76.5 | |
Net cash from/(used in) discontinued investing activities | (0.1) | (0.2) | |
Increase (decrease) of capital of the holding company | - | 0.0 | |
Dividends paid to the non-controlling interests | (0.0) | - | |
Additions to financial debt | 162.1 | 46.7 | |
Repayments of financial debt | (3.7) | (4.9) | |
Repayments of lease liability | (13.8) | (12.6) | |
Interest paid on lease liability | (3.9) | (4.0) | |
Interest paid, net | (40.5) | (19.6) | |
Net cash from/(used in) continuing financing activities | 100.1 | 5.6 | |
Net cash from/(used in) discontinued financing activities | - | - | |
Effect of changes in foreign currency translation adjustments from discontinued operations | 0.0 | (0.0) | |
Change in cash and cash equivalents from continuing operations | (66.1) | (51.3) | |
Change in cash and cash equivalents from discontinued operations | (2.5) | (1.2) | |
Cash and cash equivalents, net, at period begin | 17.1 | 9.0 | |
Cash and cash equivalents, net, at period end | (51.4) | (43.5) |
* At June 30,2021 change in cash from loan granted is linked to cash deposit with Casino Finance (€130.5m at December 31, 2020 and €0m at June 30, 2021).
Upcoming Event | |
Thursday, July 28, 2022 at 11:00 CEST / 05:00 EDT | Cnova First Half 2022 Financial ResultsConference Call & Webcast |
Conference Call and Webcast connection details | |
Conference Call Dial-In Numbers: | |
France | +33 172727403 - PIN: 88560915# |
UK | +44 2071943759 - PIN: 88560915# |
USA | +1 6467224916 - PIN: 88560915# |
Webcast: | |
https://onlinexperiences.com/Launch/QReg/ShowUUID=F179D333-80F7-465A-9C06-2699E0681C82 | |
An archive of the conference call will be available for 3 months at cnova.com. | |
1 According to Kantar market studies2 Like-for-like figures exclude cross-canal sales and Cdiscount Energy GMV for 1H21 and 1H223 EBITDA: operating profit/(loss) from ordinary activities (EBIT) adjusted for operating depreciation & amortization of respectively €(42.7)m and €(48.5)m in the 1st semester of 2021 and 20224 According to Kantar in April and May 2022 study, respectively +0.2 pt and +0.4 pt5 Subscriber base on 30/06/20226 April and May Médiamétrie studies7 Traffic data generated by Adobe Omnitur for the months of April, May and June8 Calculated as Marketplace GMV generated through merchants benefiting from Cdiscount’s fulfilment services divided by total Marketplace GMV9 i.e., Sponsored products10 From months of October 2020 to September 2021 compared to the equivalent period end of September 2020
Attachment
1 Year Cnova NV Chart |
1 Month Cnova NV Chart |
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