CNOVA N.V. First Quarter 2022 Activity
CNOVA
N.V.
First quarter
2022
activity
In a market impacted by a high comparison basis related to
curfew, Cnova GMV is -9% vs 1Q21
and +1% compared to pre-pandemic period
(i.e. 1Q19),
with well oriented KPIs for its 3 strategic
pillars:
- Growing marketplace
benefiting from a record-high customer
satisfaction
- GMV grew by +22% vs. 2019 (-10% vs. 2021), reaching
€342m
- Marketplace share reached
47.8%,
+11.5 pts growth vs. 2019 (+2.3
pts vs. 2021)
- Continued expansion of Digital
Marketing revenues
€16m in Q1, x2 vs. 2019
(+15% vs.
2021)
- Acceleration of B2B
activities
- Octopia strong commercial
dynamic:
- 17 contracts signed (+5 vs. Dec. 2021)
- Clients’ GMV backlog now exceeding €1bn on contracts
duration
- C-Logistics is booming with now
37 clients
(+15 contracts launched or signed
vs. Dec. 2021)
Customer
satisfaction is still growing with NPS
reaching 55.5,
+11.4 pts vs. 2019
(+4.4 pts vs. 2021) |
AMSTERDAM – April 19, 2022, 07:45 CET Cnova N.V.
(Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced
its first quarter 2022 activity.
1st
quarter 2022
Highlights
During the 1st quarter 2022, the group continued
to accelerate on its 3 strategic pillars, with increasing
marketplace GMV
(+22%
vs. 2019, -10% vs. 2021)
and digital marketing (x2 vs.
2019, +15% vs. 2021) as well as growing B2B
initiatives with Octopia (17 contracts
signed) and C-Logistics counting
37
clients.Marketplace GMV increased
by +22%
vs. 2019 (-10% vs. 2021). The number of sellers
reached more than 13,200 with a record-high quality level narrowing
the gap with the overall NPS supported by the development of
Fulfilment by Cdiscount and Cdiscount Express seller.
Marketplace
revenues reached €45m, growing
+28% vs.
2019 (-7% vs. 2021). On a LTM basis, marketplace revenues
reached
€192m.Digital
marketing revenues reached
€16m
in the 1st quarter, growing x2
vs. 2019 (+15% vs. 2021), mainly driven by the
development of sponsored products thanks to enhanced bidding
algorithms powered by artificial intelligence. On a LTM basis,
digital marketing revenues reached
€71m.Customer
loyalty has increased thanks to a record high
customer satisfaction measured by the NPS
(55.5,
+11.4pts vs.
2019 and +4.4pts vs. 2021), with a focus on express
delivery and enhanced customer experience on Cdiscount.com. Our
loyal customer base increased, with Cdiscount à Volonté
(CDAV) reaching 2.5 million
members, growing +34% vs.
2019 (+8% vs. 2021).B2B activities are
still accelerating. Octopia GMV reached
€28m in the 1st
quarter of 2022, (+5% vs. 2021) mainly thanks to the development of
Fulfilment-as-a-Service, x6 parcels shipped in Q1
vs. 2019 and +9% vs. 2021, and
Products-as-a-Service. Merchants- and
Marketplace-as-a-Service offers are accelerating with 5 major
contracts signed during the 1st quarter of 2022 and clients’
GMV backlog now exceeding €1bn on contracts duration.
C-Logistics third party offers benefited from a
strong commercial ramp-up with now
37 clients
launched or signed, 15 additional customers vs.
end 2021.
Total GMV
increased by +1% vs.
2019 (-9% vs. 2021) with a strong growth in marketplace
(+22% vs. 2019) and reduction in direct sales (-24% vs. 2019) in
line with the mix improvement strategy.
Emmanuel Grenier, Cnova CEO, commented:
“In a sensitive and uncertain market, this 1st
quarter confirmed our relevant positioning with the strong growth
of our 3 strategic pillars compared to the pre-pandemic period
while external factors influenced and continue to significantly
impact all economic activities.In this challenging context, our
ecommerce platform benefited from a continuously growing Cdiscount
à Volonté customer base, giving advantage to the strong
acceleration of our digital marketing solutions.On the B2B side,
C-Logistics and Octopia continued their commercial dynamics,
notably with contracts signed with major e-commerce players and
retailers confirming our strategic route on this segment.”
First quarter
2022 Key
figuresnova
N.V.
|
First quarter
(1) |
vs. 2021 |
vs. 2019 |
2022 |
2021 |
Key operational metrics |
|
|
|
|
Traffic (million visits) |
261.2 |
296.3 |
-11.9% |
+2.3% |
Orders
(2)
(million) |
6.0 |
7.4 |
-18.2% |
-8.1% |
o/w
Marketplace |
4.2 |
5.0 |
-16.3% |
+7.1% |
Items
sold (million) |
10.1 |
12.6 |
-19.3% |
-16.9% |
o/w Marketplace |
6.2 |
7.4 |
-15.8% |
+1.5% |
Key financial figures (€m) |
|
|
|
|
Total GMV |
915.7 |
1,006.3 |
-9.0% |
+1.1% |
Ecommerce platform o/w Direct sales
|
887.4 |
979.3 |
-9.4% |
-1.8% |
372.8 |
454.8 |
-18.0% |
-24.4% |
o/w Marketplace (3) |
341.5 |
380.5 |
-10.2% |
+21.8% |
o/w Services |
73.2 |
52.3 |
+40.0% |
x2.5 |
o/w Other revenues
Octopia |
99.8 |
91.7 |
+8.8% |
-0.3% |
28.3 |
27.0 |
+5.0% |
n/m |
Total Net Sales |
448.9 |
517.9 |
-13.3% |
-14.8% |
First
quarter 2022
Highlights
GMV |
First quarter (1) |
vs. 2021 |
vs. 2019 |
Total growth |
-9.0% |
+1.1% |
Marketplace
growth |
-10.2% |
+21.8% |
Octopia
growth |
+5.0% |
n/m |
Total GMV
posted a
+1.1%
increase vs. 2019 (-9.0% vs. 2O21). Compared to
pre-pandemic period (1st quarter 2019), GMV was stable despite
decreasing trend on direct sales due to a voluntary shift to the
marketplace. GMV benefited from the high growth of Marketplace, B2C
services and the launch of Octopia offers over this 3-year
period.
Marketplace |
1Q22 |
Change |
vs. 2021 |
vs. 2019 |
Marketplace
product GMV share |
47.8% |
+2.3 pts |
+11.5 pts |
Marketplace
Fulfilment GMV share |
38.8% |
+4.4 pts |
+14.2 pts |
Marketplace
revenues |
€45.2m |
-7.1% |
+28.4% |
Marketplace
continued to be a driving force for Cnova, with GMV increasing by
+21.8%
vs. 2019 (-10.2% vs. 2021). GMV
share increased by
+11.5pts
vs. 2019 (+2.3pts vs. 2021), benefiting from a
growing share of GMV
fulfilled by Cdiscount which increased by
+14.2pts vs. 2019 (+4.4pts vs. 2021).
Net Sales |
First quarter (1) |
vs. 2021 |
vs. 2019 |
Total
growth |
-14.5% |
-16.0% |
Net Sales amounted to
€442.6m,
a -16.0% decrease vs. 2019
(-14.5% vs. 2021). This decrease is explained by the decrease of
direct sales by -24.4% vs. 2019 (-18.0% vs. 2021) mainly resulting
from the acceleration of the profitable shift towards marketplace
sales, which are only recognized for the associated
commissions.
Business Highlights
Increasing Marketplace revenues
and Marketplace GMV
share
- The Marketplace
grew by
+21.8%
in the 1st quarter vs. 2019 (-10.2% vs. 2021), with a record high
NPS of 55.5 (+11.4pts vs. 2019 and +4.4pts vs. 2021);
- This led to a
47.8%
Marketplace GMV share in the 1st quarter 2022,
growing +11.5pts
vs. 2019 (+2.3pts vs. 2021);
- Marketplace
revenue generation, supported by CARS digital marketing
bidding platform, grew by
+28.4% in the
1st quarter vs. 2019 (-7.1% vs. 2021), reaching
€45.2m
and
€192.3m
over the last twelve months, decreasing
-2.9%
vs. the previous last twelve months period.
Expansion of
marketplace SKUs eligible to express
delivery is a key driver of growth, customer satisfaction
and contributes to the development of our loyalty program,
Cdiscount à Volonté (CDAV). It is also supporting the product mix
improvement strategy towards more recurring and profitable
categories. Fulfilment by Cdiscount and
Cdiscount Express Seller kept on extending their
offering to reach 2.9 million eligible SKUs (+94% vs. 2021).
Our loyalty program
Cdiscount à
Volonté (CDAV) customer
base grew by
+33.5%
vs. 2019 (+7.6% vs
2021), reaching 2.5 million members. CDAV
represented 44.0% of total GMV in the 1st quarter 2022. CDAV
members show more purchase recurrence and loyalty than non-CDAV
clients.
B2C Services showed
solid performance
- B2C Services GMV
amounted to €73.2m in the 1st quarter 2022, a x2.5 growth vs. 2019
(+40% vs. 2021);
- Cdiscount Voyages &
Billetterie (travel & ticketing) experienced a
significant acceleration, posting a strong +62% GMV growth vs. 2019
(x2.3 vs. 2021);
- Cdiscount Mobile
(cell phone plans) activity performed very well during the 1st
quarter 2022 with a x5.3 GMV growth vs. 2019 (+65% vs. 2021) and a
strong subscriber growth.
Enhanced customer experience and record
high NPS
- Cnova achieved a strong
+11.4
points NPS improvement this quarter vs. 2019 (+4.4
points vs. 2021), thanks to intensified efforts to improve customer
experience before, during and after the sale.
- Cnova reduced
delivery time thanks to the
increase of the express delivery share
(47.7%, +6.8 points vs.
2021). This was supported by the development of
Marketplace express delivery options through Fulfilment by
Cdiscount and Cdiscount Express Seller.
- Cnova also carried on its “say yes
to the customer” policy, with now 100%
positive and immediate answers to Cdiscount à Volonté
customers claims (+20pts
vs. 2021) and proactive preventive
actions for every abnormal event happening during the customer
journey.
Dynamic digital marketing powered by
Cdiscount Ads Retail Solution
- Digital marketing
revenues doubled in the 1st quarter
compared to 2019 (+14.7% vs. 2021), reinforcing Cnova’s most
profitable activity.
- It was supported by
CARS bidding platform, where the number of users
grew quickly to reach 5,915 (+34.4% vs. 2021).
CARS turnkey white label offer’s commercial start is promising with
a first major client launched, another one signed and several
prospects expected to convert in the short term.
- Cnova also continues to develop new
features and accelerates on successful initiatives to reinforce its
offer:
- Display more
videos on product sheets, with a priority given to Top
searches;
- Boost
Cdiscount.com animation through
lives to promoted products and
key commercial periods;
- Accelerate the development of
Sponsored Products and Google
Shopping.
Acceleration of
Octopia, the turnkey
tech-enabled marketplace
solution
- Octopia GMV experienced a +5.0% vs.
2021
- The commercial ramp-up is very
promising and still accelerating:
-
Merchants-as-a-Service
and
Marketplace-as-a-Service
solutions already convinced several
international players and have consequent order
backlogs;
-
Fulfilment-as-a-Service activity grew at a very
pace with parcels delivery outside of Cdiscount.com multiplied by 6
vs. 2019 (+8.5% vs. 2021).
With already
37 clients signed
or launched,
C Chez Vous and
C-Logistics are
accelerating in the
1st quarter of 2022
- 15 new clients signed or
launched in the 1st quarter of 2022 alone
- C Chez
Vous aims at becoming the French leader in
delivery of heavy and bulky products, reaching record high NPS of
87 (+7 points vs. 2021) with already 33 clients launched or
signed.
- C-Logistics aims
at being a leading e-commerce third-party logistics player with now
4 players launched or signed for a full end-to-end logistics
solution.
Cnova pursues its CSR
strategy to build a sustainable and inclusive European digital
leader
Cnova is committed promoting a more sustainable
way to consume.
- Already a leading actor on 2nd-hand
and refurbishment, Cnova develops its offer on all its product
categories: more than 1 out of 10 laptops sold on Cdiscount.com are
refurbished; a new partnership was signed with Biicou to offer
refurbished strollers in France.
- In 2022, Cnova will accelerate the
promotion of more sustainable products within its offer, by
defining extended sustainability criteria and reinforcing their
visibility on Cdiscount.com.
- An initiative
was also launched to assess the ESG performance of Cnova’s
suppliers and sellers, with a target of hundreds of partners
audited by the end of 2022.
Cnova supports local economies as well
- Cdiscount
develops its “Made In France” offer, with 17k products available on
the website at the end of the 1st quarter 2022
Cnova brings its support to the community to
answer societal issues:
- A 3-year
partnership was signed with Make.org, an independent platform
promoting the engagement of the civil society to address social
matters, to work especially on the topic of inequalities suffered
by women
Cnova’s HR policy is recognized
- Cdiscount reached 92/100 in 2021 in
the consolidated gender index (+1 vs. 2020), demonstrating the
commitment of Cdiscount to promote equal opportunities for women
and men
- Finally, Cnova
came up in the Top10 of the Great Place to Work 2022 ranking4
***
About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves
9.6 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 |
***
1 All figures are unaudited2 Total placed orders before
cancellation due to fraud detection and/or customer non-payment3
Including CARS digital marketing4
https://www.greatplacetowork.fr/palmares/best-workplaces-france-2022/
- Cnova NV_Press Release_1Q 2022
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