- 2020 07 23 Cnova 1H20 Results ENG (pdf 523.6 ko)
AMSTERDAM, July 23, 2020, 07:45 CEST Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova” or the “Company”) today announced its second quarter activity and first half unaudited financial results for 2020.
▪ GMV: +25% organic growth1 in 2Q20, reaching €1 billion
– Sustained growth since the end of lockdown confirming the trend2
– Marketplace contributed more than half (+13.5 pts), direct sales +6.9 pts
▪ Soaring marketplace: 46.3% GMV share in 2Q20, +6.2 pts vs LY
– Fulfillment by Cdiscount: GMV growth +41% in 2Q20
– Total number of SKUs: 71 million (+29%)
▪ Strong +25% client growth to reach 4.3m in 2Q20
– New clients: +41%
– Record-high 25 million Unique Monthly Visitors in May3
▪ International: GMV doubles in 2Q20
– 88 connected websites as of end June, x2.5 compared to last year
– 25 countries available for delivery
▪ B2B monetization: +23% in 1H20
– Supported by the launch of an AdTech platform
▪ 1H20 EBITDA: €48 million (+€30 million)
– Gross margin improvement: +2.8 pts at 20.3%
Emmanuel Grenier, Cnova CEO, commented:
“Throughout the quarter, we experienced a very strong GMV growth while accelerating the transformation of our business model. This led to a quicker improvement in profitability.
Our underlying growth driver was first and foremost a very dynamic traffic with a record-high 25 million Unique Monthly visitors in May alone, driving 1 million new clients to our website throughout the quarter.
The marketplace really took off with almost 40% growth to reach a record-high 46% GMV share, boosted by the Fulfillment by Cdiscount service performance while our direct sales model has shifted towards higher margin categories such as garden, DIY, sport and daily shop. In addition, free home delivery was extended, now available for all orders of €25 or more, while our customer delivery times significantly improved.
More traffic and more clients resulted in increased monetization. We developed this semester Cdiscount
Ads Retail Solution (CARS), a self-care advertising platform available for both our sellers and suppliers, already showing promising results.
We are confident that our evolving business model combined with the development of our monetization initiatives will further support our profitable growth strategy.”