CNOVA N.V. Third quarter 2024 Activity
Cnova N.V. reported its third-quarter 2024 results, highlighting a return to growth in GMV after two years of transformation. Overall GMV slightly increased compared to Q3 2023, with Marketplace GMV growing by 8% and Direct Sales declining by 12%. The company achieved positive free cash flows of €4 million, an improvement of €20 million from Q3 2023.
Net sales decreased by 9% like-for-like, largely due to a strategic focus on profitability and reduced direct sales. Services revenues grew by 3% to €83 million, driven by a 47% increase in B2B revenues. Restated EBITDA after rents increased by €1 million, reflecting the company's turnaround towards high-margin services.
Casino Group will begin the buyout of Cnova's minority shareholders. Cnova also continued to enhance its CSR strategy, with 'More sustainable products' representing 27% of Product GMV, an 8-point increase from Q3 2023.
Cnova N.V. ha riportato i risultati del terzo trimestre 2024, evidenziando un ritorno alla crescita del GMV dopo due anni di trasformazione. Il GMV totale è leggermente aumentato rispetto al terzo trimestre 2023, con un incremento del GMV Marketplace dell'8% e una diminuzione del vendite dirette del 12%. L'azienda ha registrato flussi di cassa liberi positivi per 4 milioni di euro, un miglioramento di 20 milioni di euro rispetto al terzo trimestre 2023.
Le vendite nette sono diminuite del 9% su base omogenea, principalmente a causa di un focus strategico sulla redditività e della riduzione delle vendite dirette. I ricavi dei servizi sono aumentati del 3% raggiungendo 83 milioni di euro, grazie a un incremento del 47% dei ricavi B2B. L'EBITDA rettificato dopo gli affitti è aumentato di 1 milione di euro, a testimonianza della trasformazione dell'azienda verso servizi ad alta marginalità.
Il Gruppo Casino inizierà il riacquisto degli azionisti di minoranza di Cnova. Cnova ha anche continuato a migliorare la sua strategia CSR, con 'Prodotti più sostenibili' che rappresentano il 27% del GMV prodotto, un aumento di 8 punti rispetto al terzo trimestre 2023.
Cnova N.V. informó los resultados del tercer trimestre de 2024, destacando un regreso al crecimiento del GMV después de dos años de transformación. El GMV total aumentó ligeramente en comparación con el tercer trimestre de 2023, con un crecimiento del GMV del Marketplace del 8% y una disminución del Ventas Directas del 12%. La compañía logró flujos de caja libres positivos de 4 millones de euros, una mejora de 20 millones de euros en comparación con el tercer trimestre de 2023.
Las ventas netas disminuyeron un 9% en términos comparables, principalmente debido a un enfoque estratégico en la rentabilidad y a la reducción de las ventas directas. Los ingresos por servicios crecieron un 3% alcanzando los 83 millones de euros, impulsados por un aumento del 47% en los ingresos B2B. El EBITDA restablecido después de los alquileres aumentó en 1 millón de euros, reflejando el cambio de la compañía hacia servicios de alta rentabilidad.
El Grupo Casino comenzará a comprar las acciones de los accionistas minoritarios de Cnova. Cnova también continuó mejorando su estrategia de RSE, con 'Productos más sostenibles' representando el 27% del GMV de productos, un aumento de 8 puntos en comparación con el tercer trimestre de 2023.
Cnova N.V.는 2024년 3분기 실적을 발표하며, 2년간의 변혁 후 GMV의 성장으로 돌아섰음을 강조하였습니다. 총 GMV는 2023년 3분기와 비교해 소폭 증가했으며, 마켓플레이스 GMV는 8% 성장하고 직접 판매는 12% 감소했습니다. 회사는 400만 유로의 긍정적인 잉여현금을 달성하였으며, 이는 2023년 3분기 대비 2000만 유로 개선된 결과입니다.
순판매는 동기대비 9% 감소했으며, 이는 수익성에 대한 전략적 집중과 직접 판매 감소에 주로 기인합니다. 서비스 수익은 3% 증가하여 8300만 유로에 이르렀으며, B2B 수익이 47% 증가하면서 성장했습니다. 임대료를 제외한 조정 EBITDA는 100만 유로 증가하여 회사의 고수익 서비스로의 전환을 반영합니다.
카지노 그룹은 Cnova의 소수 주주 매수를 시작할 예정입니다. Cnova는 '더 지속 가능한 제품'이 제품 GMV의 27%를 차지하도록 하여 CSR 전략을 계속 강화하고 있으며, 이는 2023년 3분기 대비 8포인트 증가한 수치입니다.
Cnova N.V. a publié ses résultats du troisième trimestre 2024, mettant en avant un retour à la croissance du GMV après deux années de transformation. Le GMV global a légèrement augmenté par rapport au troisième trimestre 2023, avec une croissance de 8% du GMV du Marketplace et une diminution des ventes directes de 12%. L'entreprise a réalisé des flux de trésorerie disponibles positifs de 4 millions d'euros, soit une amélioration de 20 millions d'euros par rapport au troisième trimestre 2023.
Les ventes nettes ont diminué de 9% comme à périmètre constant, principalement en raison d'un axe stratégique sur la rentabilité et d'une réduction des ventes directes. Les revenus des services ont augmenté de 3%, atteignant 83 millions d'euros, soutenus par une hausse de 47% des revenus B2B. L'EBITDA retraité après loyers a augmenté de 1 million d'euros, reflétant la transformation de l'entreprise vers des services à forte marge.
Le groupe Casino commencera le rachat des actionnaires minoritaires de Cnova. Cnova a également poursuivi l'amélioration de sa stratégie RSE, avec des 'Produits plus durables' représentant 27% du GMV produit, soit une augmentation de 8 points par rapport au troisième trimestre 2023.
Cnova N.V. hat die Ergebnisse des dritten Quartals 2024 veröffentlicht und dabei ein Comeback des Wachstums des GMV nach zwei Jahren der Transformation hervorgehoben. Der insgesamt GMV stieg leicht im Vergleich zum 3. Quartal 2023, während der Marketplace GMV um 8% zunahm und die Direktverkäufe um 12% zurückgingen. Das Unternehmen erzielte positive freie Cashflows in Höhe von 4 Millionen Euro, was eine Verbesserung um 20 Millionen Euro im Vergleich zum 3. Quartal 2023 darstellt.
Die Nettoumsätze gingen um 9% vergleichbar zurück, was größtenteils auf einen strategischen Fokus auf Rentabilität und reduzierte Direktverkäufe zurückzuführen ist. Die Umsätze aus Dienstleistungen stiegen um 3% auf 83 Millionen Euro, angetrieben von einem Anstieg der B2B-Umsätze um 47%. Das bereinigte EBITDA nach Mieten stieg um 1 Million Euro und spiegelt die Wende des Unternehmens hin zu margenstarken Dienstleistungen wider.
Die Casino-Gruppe wird den Rückkauf von Minderheitsaktionären von Cnova beginnen. Cnova hat auch weiterhin seine CSR-Strategie verbessert, wobei 'Nachhaltigere Produkte' 27% des Produkt-GMV ausmachen, was einen Anstieg um 8 Punkte im Vergleich zum 3. Quartal 2023 darstellt.
- Positive free cash flows of €4 million, improving by €20 million from Q3 2023.
- Marketplace GMV grew by 8% in Q3 2024.
- Restated EBITDA after rents increased by €1 million (+8% vs. Q3 2023).
- Services revenues increased by 3% to €83 million, driven by a 47% growth in B2B revenues.
- Net sales decreased by 13.1% compared to Q3 2023.
- Direct sales declined by 12% in Q3 2024.
Insights
Cnova's Q3 2024 results show signs of stabilization after a period of transformation. The company has returned to slight GMV growth, with Product GMV up 1% and Marketplace GMV growing 8% year-over-year. This improvement is notable given the challenging environment in core markets like Home and Technical Goods.
Key positives include:
- Services revenues grew 3% to
€83 million , now representing 34% of net sales - B2B revenues increased 47% year-over-year
- Restated EBITDA after rents improved by
€1 million - Positive free cash flow of
€4 million , a€20 million improvement from Q3 2023
However, net sales declined 8.6% like-for-like, primarily due to lower direct sales as the company shifts towards a marketplace model. The marketplace now represents
While the turnaround shows promise, Cnova still faces challenges in fully stabilizing its business model and returning to consistent growth. The planned buyout of minority shareholders by Casino adds an element of uncertainty to the company's future direction.
Cnova's Q3 results demonstrate the company's strategic shift towards a marketplace-centric model is gaining traction. The
Key developments in the e-commerce strategy include:
- Implementation of AI-powered algorithms, improving search engine click rates by 3.8 points
- Deployment of GenAI for product feature enrichment, reclassification and description improvements
- Focus on sustainable products, now representing
27% of Product GMV (+8pts YoY)
The improved NPS scores (+5.2pts overall) and increased customer acquisition (+
The company's B2B initiatives, particularly in logistics and fulfillment services, show promise with strong growth rates. This diversification could provide additional revenue streams and leverage Cnova's existing infrastructure.
CNOVA N.V.
Third Quarter 2024 activity
| After two years of transformation, GMV1 is back-to-growth in the 3rd quarter 2024 Cnova pursues its path towards operational profitability, with restated EBITDA after rents2 increasing by + Casino will initiate today the buyout procedure of Cnova N.V.’s minority shareholders |
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AMSTERDAM – October 17, 2024, 17:30 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced its third quarter 2024 activity.
Thomas Métivier, Cnova’s CEO, commented:
“The growth in Q3 confirms the trajectory of our transformation plan and the strength of our value proposal for French consumers thanks to our growing marketplace, our refocused direct sales and improvements on our tech platform, notably thanks to AI.
The growth of our services revenues, notably marketplace, advertising and B2B drives our positive and improving EBITDA after rents and free-cash flows in the 3rd quarter confirming the positive effect on profitability of our new business model.
With the launch of our new brand identity in June and continuous additional commercial and marketing investments, we are pursuing the reinforcement of our value proposition to our customers enabling us to boost acquisition and loyalty.”
Financial highlights
| Financial performance (€m) | 3Q23 | 3Q24 | Change vs. 23 | |||
| Reported | L-f-L6 | |||||
| Overall GMV (including VAT) | 667 | 651 | (2.5)% | + | ||
| E-commerce platform | 642 | 622 | (3.1)% | (0.6)% | ||
| o/w Direct sales | 198 | 175 | (11.6)% | |||
| o/w Marketplace | 336 | 362 | + | |||
| Marketplace share | | | +4.5pts | |||
| o/w B2C services | 38 | 39 | + | |||
| o/w Other revenues | 72 | 47 | (34.5)% | (14.6)% | ||
| B2B activities | 25 | 29 | + | |||
| o/w Octopia B2B revenues | 8 | 10 | + | |||
| o/w Octopia Retail & others | 12 | 10 | (19.7)% | |||
| o/w C-Logistics | 5 | 10 | + | |||
| Net sales | 281 | 244 | (13.1)% | (8.6)% | ||
| Services revenues5 | 80 | 83 | + | |||
| EBITDA | 18 | 16 | (14.1)% | |||
| Restated EBITDA after rents7 | 10 | 11 | + | |||
| Free cash-flows | (16) | +4 | + | |||
3rd quarter activity
| GMV | 3Q24 vs. 23 |
| Total GMV like-for-like8 evolution | + |
| Marketplace GMV growth | + |
| Marketplace GMV share growth | +4.5pts |
Overall GMV slightly grew in the 3rd quarter compared to last year on a like-for-like basis8, gradually improving compared to 1Q24 trend (-
- Direct sales contributing -3.5pts (-
11.6% y-o-y), following Cnova’s strategic business model turnaround towards more service activities, with Games & Toys and Do-It-Yourself product categories performing well in the 3rd quarter 2024 compared to last year - Marketplace contributing +4.0pts (+
7.8% y-o-y), with Marketplace GMV share growing by +4.5pts, standing at67.4% in the 3rd quarter 2024, mainly driven by Telephony, Sport and Home Furniture performances in the 3rd quarter 2024 compared to last year - B2C services contributing +0.2pt (+
3.1% y-o-y), with growing Mobile (+14.9% ) and Travel (+1.2% ) GMV, mainly supported by Flights (+6.4% ) and last-minute deals performance - Octopia Fulfilment-as-a-Service contributing +0.1pt (+
12.5% y-o-y) supported by an increasing number of shipped parcels (+35.5% vs. 23), +181 new sellers in the 3rd quarter 2024 and the acceleration of Octopia’s fulfilment business in the United Kingdom - C-Logistics B2B contributing +0.7pt (+
81.1% y-o-y) with an increasing number of shipped parcels for external clients (+58.9% vs. 23) and the ramp-up of its new client specialized in luxury goods since its launch in the 1st quarter 2024
| Net sales | 3Q24 vs. 23 |
| Net sales like-for-like evolution8 | (8.6)% |
Net sales amounted to
- Decreasing direct sales revenues, impacted by Cnova’s voluntary business shift towards more service activities, as illustrated by Marketplace GMV share growing by +4.5pts vs. 23
- Partly offset by services revenues growing by +
3.4% vs. 23, with B2B revenues increasing by +46.9% vs. 23, thanks to the dynamic of logistic services, with C-Logistics B2B (+81.1% vs. 23) and Octopia Fulfilment-as-a-Service (+12.5% vs. 23)
| Services revenues (€m) | 3Q23 | 3Q24 | Change vs. 23 | ||
| Marketplace revenues (Commissions & Fulfilment revenues)9 | | 48.5 | 46.1 | (4.9)% | |
| Advertising net revenues10 | 17.4 | 17.6 | + | ||
| B2C revenues11 | 3.6 | 3.4 | (3.1)% | ||
| B2B revenues12 | 10.8 | 15.9 | + | ||
| Services revenues | 80.3 | 83.0 | + | ||
| Services revenues share in net sales8 | | | +3.9pts | ||
| Marketplace GMV share | | | +4.5pts |
Services revenues stood at
- Marketplace9 generating
€46m revenues in the 3rd quarter 2024, with Marketplace GMV share standing at67.4% (+4.5pts vs. 23, +27.6pts vs. 19), slightly lower than 2023, with negative category mix effects reducing Fulfilment by Cdiscount revenues by -18% , without affecting its profitability - Advertising services10 net revenues reaching
€18m in the 3rd quarter 2024, slightly increasing by +1% vs. 23, supported by Cdiscount Ads Retail Solution (CARS) platform success, as illustrated by sponsored products growing by +10% vs. 23, representing78% of Advertising net revenues in 3Q24 (+6.6pts vs. 23) - B2B services12 revenues increasing by +
46.9% vs. 23, standing at€16m in the 3rd quarter 2024, mainly driven by the dynamic of logistic services, as illustrated by the growing number of parcels shipped by C-Logistics B2B (+58.9% vs. 23) and Octopia Fulfilment-as-a-Service (+35.5% % vs. 23)
3rd quarter highlights
In the 3rd quarter 2024, Cnova continued to enhance its customer-centric approach, with dedicated investments aiming at strengthening customer acquisition and loyalty, as illustrated by:
- The strong overall NPS standing at 56.6pts in 3Q24 (+5.2pts vs. 23), driven by both Marketplace NPS (+5.5pts vs. 23) and Direct sales NPS (+4.2pts vs. 23)
- Growing client acquisition by +
4.4% in 3Q24 vs. 23, with the launch of Cdiscount’s new brand identity and market momentums such as Summer sales, the Back-to-School period and French Days - An increasing share of reactivated customers by +2.9pts in 3Q24 vs. 23
Cnova continues its Generative Artificial Intelligence (“GenAI”) initiatives to enhance its customer-centric approach
Artificial intelligence-powered algorithms were implemented all along the customer journey, enabling to improve the relevance of the Cdiscount.com search engine (+3.8pts in search engine click rate vs. 23).
Aiming to generate more value, enrich customer experience and improve internal efficiency and processes, Cnova has internally developed and deployed several GenAI use cases since May 2023:
- Product features enrichment: to date, c. 9 million products with features improved by GenAI
- Product reclassification: to date, c. 29 million products reclassified and increase by c.
30% in conversion for products reclassified through GenAI - Product headlines and descriptives improvement: to date, c. 13 million products processed by GenAI
Cnova pursues the development of its CSR strategy
Cnova is committed to promoting a more sustainable consumption, both to reduce the carbon footprint of the products sold by Cnova and to support the local economy.
Through Cdiscount.com, Cnova aims to give consumers the power to choose and act. With this objective, two new criteria have been added to the “More sustainable” program: “Made-to-order” for home furnitures and “Refurbished in France” for high-tech products, with two new “More sustainable” labels added to the website to help customers easily identify these products. Thanks to these efforts to develop the offer, highlight products on the website and promote sales, the share of “more sustainable” products reached a new record in the 3rd quarter 2024, representing
Cnova is also pursuing its commitment in favor of more sustainable logistics through its subsidiary
C-Logistics. In its operations, C-Logistics continues to work with carriers to reduce the greenhouse gaz emissions related to the parcels delivery. Hence, the share of deliveries with alternative means of transportation for the last kilometers on light parcels increased by
In addition, C-Logistics took part in a working group led by La Poste aiming at implementing the AFNOR SPEC “E-commerce: information to consumers on the environmental impact of their delivery choice” published in June 2024.
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About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves 7.0 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 and entertainment 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 Casino group, 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 : +33 6 79 74 30 94 | Media contact: directiondelacommunication@cdiscount.com Tel: +33 6 18 33 17 86 cdiscount@vae-solis.com Tel: +33 6 17 76 79 71 |
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1 Like-for-like figures exclude Carya and Neosys (disposed) along with Géant and Cdiscount Pro (discontinued)
2 EBITDA after rents restated from Carya's 2023 figures (activity disposed in December 2023)
3 Shipped Direct sales and Marketplace GMV including VAT
4 Evolution of placed GMV excluding VAT as of October 16th, 2024, compared to the same period last year (before cancellation due to fraud detection and/or customer non-payment)
5 Including Marketplace commissions, subscription fees and other revenues, Advertising services, Fulfilment by Cdiscount, warranties extension, CUP cards commissions, B2C services, Octopia B2B (Fulfilment-as-a-Service, Merchants-as-a-Service and Marketplace-as-a-Service) and C-Logistics B2B
6 Like-for-like figures exclude Carya and Neosys (disposed) along with Géant and Cdiscount Pro (discontinued)
7 EBITDA after rents restated from Carya's 2023 figures (activity disposed in December 2023)
8 Like-for-like figures exclude Carya and Neosys (disposed) along with Géant and Cdiscount Pro (discontinued)
9 Including Marketplace commissions after price discounts, subscription fee and revenues from fulfilment services to sellers
10 Including both revenues from marketing services to suppliers and sellers
11 Including Travel, Mobile, CUP cards commissions, warranty services and others
12 Including Fulfilment-as-a-Service, Merchants-as-a-Service and Marketplace-as-a-Service (Octopia) and C-Logistics B2B activities
Attachment
FAQ
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