CNOVA N.V. First Quarter 2023 Activity
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:
-
GMV & Marketplace share:
all-time highest marketplace share in Q1 at 57% (+9pts vs. 22,
+21pts vs. 19)
-
Rationalization of direct sales assortment with
improving profitability and cash profile, supporting the overall
Gross Margin increase
-
Marketplace revenues at €45m (+2% vs. 22, +29% vs.
19), with an increase in GMV take rate standing at 16.6% (+0.9pt
vs. 22, +1.6pt vs. 19)
-
Advertising services revenues reaching €17m (+9%
vs. 22, x2.1 vs. 19), with an increase in GMV take rate standing at
3.5% for Q1 (+0.9pt vs. 22, +2.2pts vs. 19)
-
Record B2C Services
GMV1 at €36m (+37% vs. 22, x2.6 vs. 19)
driven by Travel (+38% vs. 22, x2.2 vs. 19) and Mobile activities
(+36% vs. 22, x7.2 vs. 19)
-
Octopia B2B revenues reaching €5m
(+42% vs. 22) with the successful launches of 2 marketplaces
(Bébéboutik and an international retailer) and outperformed
revenues on Fulfilment-as-a-Service, with an increase in shipped
parcels (+38% vs. 22)
-
C-Logistics B2B revenues at €2m
(x6 vs. 22), with its third party-logistic solution successfully
launched for a European sportswear company
Q1 monthly performance and current trading confirming the
acceleration of profitable growth drivers with sequential
improvement of growth in Q1 and April current trading:
- Product GMV:
-23% in Jan., -20% in Feb., -16% in March, -10% in April to
date2
-
Marketplace GMV: -9% in Jan., -5% in Feb., -2% in March, +5% in
April to date2
Efficiency plan to swiftly
recalibrate SG&A
& CAPEX
level by end
2023 is on track to reach
the July 2022 guidance of
+€75m
savings on a full-year basis by
the end of the year, leading to significant and continuous
improvement of profitability and operational cash in the 1st
quarter. Over Q1, the Transformation Plan has been
reinforced with a dedicated steering team and specific
projects aiming at accelerating the pace of the plan
with a
€15m
additional savings objective on a full-year basis,
despite inflation headwinds. Continuous development
of Cnova’s ESG policy:
- “More
sustainable products” SKUs: 15.2% of Cdiscount’s Product GMV
(+3.8pts vs. 22)
-
C-Logistics greenhouse gas emissions: -19.2% on the 22 vs. 21
reporting period
- Gender
parity: increase in Cnova’s gender equality index by +0.2pts vs.
21
|
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:
-
Direct Sales contributing -13.3pts (-32.5% y-o-y),
as a result of the on-going
voluntary strategic shift
to marketplace, mostly
for low contribution margin non-technical
goods, but preserving and still
benefiting from strengthened relationships with top international
brands
-
Marketplace contributing -1.4pt (-3.7% y-o-y)
while delivering +9pts in GMV share. Cnova raised quality standards
through better delivery services with 50.3% free express delivery
share in the 1st quarter
-
B2C Services contributing +1.1pt
(+37.2% y-o-y), among which Travel alone brought +0.9pt to Cnova
growth (+37.6% y-o-y)
-
Octopia B2B revenues contributing
positively to growth (+42% y-o-y) driven by Merchant-as-a-Service
and Marketplace-as-a-Service revenue growth (x2 vs. 22), with the
successful launches of 2 marketplaces (Bébéboutik and an
international retailer) and accelerating Fulfilment-as-a-Service
revenues with an increase in shipped parcels (+38% vs. 22)
-
Octopia retail
GMV contributed negatively for -1.0pt (-43% y-o-y)
with Products-as-a-Service offer now focused on profitability as
part of the transformation plan to drive profitable retail
growth
|
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:
- Marketplace reached all-time
highest marketplace share in Q1 at 57% for the 1st quarter 2023
(+9pts vs. 22, +21pts vs. 19), mainly driven by home categories and
new strategic partnerships, confirming the mix evolution towards
more marketplace revenues. During the 1st quarter 2023, marketplace
GMV was nearly stable (-4% vs. 22), in a context of strong
inflation headwinds and macro-economic uncertainties
- New marketplace strategic
partnerships were formed, including with a childcare specialist and
a leading company specialized in consumer goods
- A new dedicated team of 20
collaborators was assembled to accelerate the recruitment and sales
of the new Top sellers of the French, European and other
international markets
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:
- Cdiscount Express
Seller, launched in 2019 for sellers able to offer express
delivery to CDAV customers, reached a 15.4% marketplace GMV share
for the 1st quarter 2023 (+4.1pts vs. 22)
- Fulfilment by
Cdiscount marketplace GMV share stands at 34.9% for the
1st quarter 2023. A consequent effort is made to provide always
more quality by recruiting top sellers with now a wider assortment
than traditional retail sales
B2C Services showed a record
performance:
- B2C Services GMV,
excluding Energy, amounted to €36m in the 1st quarter 2023,
reaching again a solid growth (+37% vs. 22, x2.6 vs. 19)
- Cdiscount Voyages
(travel) experienced a significant acceleration with a GMV growth
of +38% vs. 22 (x2.2 vs. 19)
- Cdiscount Mobile
(cell phone plan) activity performed very well during the 1st
quarter 2023 with a GMV growth of +36% vs. 22 (x7.2 vs. 19) and a
strong increase in the subscriber base
Dynamic Advertising
Services driven by Retail
Media dynamics:
- Advertising services revenues
reached €17m for Q1 (+9% vs. 22), with growing GMV take rate
standing at 3.5% (+0.9pt vs. 22)
- Advertising services growth is
mainly supported by Retail Media, which accounts for €13m of
revenues for Q1 (+19% vs. 22) and allows both sellers and suppliers
to reinforce their visibility and increase their sales
- Growth is also driven by a dynamic
offer expansion, with the creation of new formats, such as the
launch of “premium” shops for sellers (12 signed sellers)
Octopia’s
B2B revenues know a
strong commercial dynamic, driven
by its turnkey marketplace
solution for EMEA retailers and
e-merchants:
- Successful launches of 2
marketplaces (Bébéboutik and an international retailer)
- Outperformed revenues on
Fulfilment-as-a-Service, with an increase in shipped parcels (+38%
vs. 22) and the development of the activity in Spain
- Acceleration of the selling volume
on its sales channels (x21 GMV y-o-y) and acceleration of the
number of sellers deployed
- Successful launch of the
drop-shipping offer for sellers, with 38 active sellers at end of
the quarter on Products-as-a-Service
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:
- Cnova is committed to
promoting a more
responsible consumption through
its direct sales and marketplace product offer. Actions carried out
by Cdiscount and Octopia aiming to develop “more sustainable
products” (e.g., increasing the visibility of these products and
guaranteeing affordable prices) enable a continuous acceleration of
this offer. “More sustainable products” account for 15.2% of
Cdiscount’s Product GMV at 1Q (+3.8pts vs. 22)
- Cnova is also taking action to
reduce the impact of its operations:
- Thanks to actions undertaken with
carriers, greenhouse gas emissions related to delivery of products
sold by Cdiscount and shipped by C-Logistics have decreased by
-19.2% on the 22 vs. 21 reporting period
- Cdiscount and C-Logistics have
joined the study group dedicated to the writing of an AFNOR SPEC
“E-commerce: information to consumers on the environmental impact
of their delivery choice”, aiming to define a reference framework
for environmental display when the consumer chooses its delivery
method on Cdiscount’s website
- Cnova’s electricity and gas
consumption has decreased by -25% in 22 vs. 19 (-15.9% vs. 21),
overperforming objectives announced by Cnova in early Q4 as an
answer to the national mobilization initiated by the
government
- As a trustworthy
partner, Cnova is committed to protect its clients.
Cdiscount, which had already signed the Product Safety Pledge in
2020, has recommitted to consumer protection and signed the new
version of the Product Safety Pledge at the European Consumer
Summit organized by the European Commission
- Cnova pursues its social
and societal commitment in favor of gender parity. Thanks
to its Human Resources policy, Cnova’s consolidated gender equality
index has increased by +0.2pt vs. 21
***
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
- Cnova NV_Activity Press Release_1Q23
Cnova NV (EU:CNV)
過去 株価チャート
から 10 2024 まで 11 2024
Cnova NV (EU:CNV)
過去 株価チャート
から 11 2023 まで 11 2024
