- Cnova NV_Press Release_Q3 2021 (pdf 319.6 ko)
Cnova posted a resilient business performance despite softer market conditions than anticipated in the particular context of reopening
▪ +8% GMV growth
▪ +11% GMV growth of the Marketplace vs. 2019 and +2% vs. 2020
▪ Marketplace revenues, €45m in Q3 to reach €201m on a LTM basis (+20%)
▪ Continued expansion of Digital Marketing revenues €17m in Q3 (+31% y-o-y) to reach €66m on a LTM basis (+42%)
▪ Acceleration of Octopia: 5 major contracts signed in Q3
In view of Q3 soft market demand and related necessary price investments, Cnova is no longer in position to confirm its guidance released on June 1st and June 7th (GMV, Sales, EBITDA).
Long-term growth strategy is confirmed: strong ecommerce platform and B2B acceleration
AMSTERDAM – October 8, 2021, 07:45 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced its third quarter 2021 activity.
3rd quarter 2021 Highlights
During the 3rd quarter 2021, Cnova posted a resilient +8% GMV growth in a soft ecommerce market in the particular context of reopening. Despite softer market conditions than anticipated our loyal customer base increased, with Cdiscount A Volonté (CDAV) members growing +10.8% vs. last year to reach 2.4 million. The group also continued to accelerate on its strategic pillars with growing marketplace revenues (+8.0%), digital marketing (+31%) as well as its B2B initiatives with Octopia (+15.4%) and C-Logistics.
Our customer loyalty has increased thanks to a record high customer satisfaction measured by the NPS (+5.6pts), in particular for new customers, with a focus on express delivery and enhanced customer experience on Cdiscount.com.
Marketplace revenues reached €44.7m, growing by +8.0%, despite a slower growth pace of the GMV (+1.9%) with a negative effect from Chinese sellers being impacted by new VAT regulation. On LTM, marketplace revenues reached €201m, growing +14.8% vs. last year LTM period.
Digital marketing revenues increased by +31% at €16.9m in the 3rd quarter driven by the development of Cnova’s in-house digital marketing bidding platform Cdiscount Ads Retail Solution (“CARS”). CARS nearly doubled its revenues in just one year, enhancing the monetization of Cnova’s ecommerce platform. CARS turnkey white label offer is now live for commercialization in the 4th quarter.
Octopia GMV grew by +15.4% in the 3rd quarter (€22.1m). GMV grew by +41.1% on a year-to-date basis with a strong growth of Products-as-a-Service offer at +36.5% (€65m) and Fulfilment-as-a-Service activity at +149.3%. The commercial ramp-up of Merchants- and Marketplace-as-a-Service offers is accelerating. 5 contracts with leading retailers and e-commerce players have been signed during Q3, leading to 7 contracts signed in the last 9 months in different countries. This trend is expected to further accelerate, given the continuously growing pipeline.
C-Logistics third party offers benefited from a strong commercial ramp-up: 25 clients signed with 15 already launched.
In a soft French ecommerce environment in the 3rd quarter, Cnova reinforced its pricing competitiveness on the ecommerce platform, posting resilient growth in a soft market. The 3rd quarter context led to expected GMV, Sales and EBITDA for the full year below the previously announced guidance.
Besides, due to current market conditions and despite interest mentioned by possible investors, we believe Cnova’s raising of funds cannot be pursued in satisfactory conditions and is therefore deferred.