CNOVA N.V. Preliminary 1H23 Financial Performance Press Release


Preliminary financial performance at the end of June

AMSTERDAM – July 26, 2023, 21:30 CEST Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”), in the context of the conciliation procedure in which the Company’s controlling shareholder Casino, Guichard-Perrachon S.A. (“Casino”) is engaged1 and is currently negotiating a term sheet with the Consortium, today provides an update on its GMV, net sales, EBITDA and EBIT performance in the first half of 20232.

Cnova accelerated its shift towards a more profitable model, as illustrated by the sharp increase in gross margin rate which stands at 29.7% in 1H23 (+7pts vs. 22) and the doubling of its EBITDA:

  • Overall GMV decreased by -14% like-for-like3 in a still challenging market environment marked by a decreasing trend in High Tech and Domestic Appliances categories
  • Growing Marketplace revenues at €91m in 1H23 (+2% vs. 22, +28% vs. 19) with a slightly decreasing GMV by -3.1% compared to last year, along with a record high GMV share in 1H23 at 58% (+9pts vs. 22, +20pts vs. 19)
  • Growing Advertising revenues at €35m in 1H23 with a regular growth (+5% vs. 22, x2.1 vs. 19) and an increase in GMV take rate standing at 3.8% for 1H23 (+0.8pt vs. 22, +2.4pts vs. 19)
  • B2C Services GMV at €80m (+21% vs. 22) mostly driven by Travel activities (+16% vs. 22)
  • Octopia B2B revenues at €9m (+43% vs. 22) with 6 clients launched for Marketplace solutions and increasing number of parcels shipped for Fulfilment clients such as Adeo and Too Good to Go
  • C-Logistics B2B revenues at €6m in 1H23 (x8 vs. 22), with the launch of two new clients and an increase in the number of shipped parcels for external clients (x6 vs. 22)

Doubling EBITDA in 1H23 amounting to €34m (+€19m vs. 22) thanks to our focus on profitable sales for the direct sales business, growing Advertising and Marketplace revenues along with cost saving plan.

Efficiency plan to recalibrate SG&A and CAPEX by the end of 2023 is on track to reach the July 2022 guidance (€75m savings target vs. 21) reinforced by a €15m ad-on savings plan announced in April 2023


Preliminary GMV performance


Half year


Half year4


  Change vs. 2022
    Reported L-f-L5
Total GMV   1,380 1,785   -23% -14%
Ecommerce platform   1,337 1,734   -23% -14%
o/w Direct sales   464 679   -32%
o/w Marketplace   647 668   -3%
Marketplace share   58.3% 49.6%   +8.7pts
o/w B2C services   80 150   -46% +21%
o/w Other revenues   146 237   -39% +1%
B2B activities   43 50   -14%
o/w Octopia B2B revenues   11 8   +43%
o/w Octopia Retail & others   25 41   -39%
o/w C-Logistics   7 1   x8

Preliminary financial performance at the end of June – unaudited

Cnova N.V.


Half Year Change
2023 20226 vs. 2022
GMV 1,380.2 1,784.7 -22.7%
Net sales 612.5 874.3 -29.9%
Gross margin 181.7 197.7 -8.1%
  As a % of Net sales 29.7% 22.6% +7.0pts
As a % of GMV 13.2% 11.1% +2.1pts
SG&A (excl. D&A) 147.8 -183.1 -19.3%
  As a % of Net sales -24.1% -20.9% -3.2pts
As a % of GMV -10.7% -10.3% -0.4pts
EBITDA 33.9 14.6 +131.8%
  As a % of Net sales 5.5% 1.7% +3.9pts
As a % of GMV 2.5% 0.8% +1.6pts
Operating EBIT -14.3 -33.5 -57.4%

Net sales amounted to €612m in the 1st half 2023, a -30% decrease compared to 2022 and a -23% like-for-like7 decrease compared to 2022. Net sales evolution has been impacted by the product mix shift from direct sales towards commission-based activities, leading to an improvement of profitability: Marketplace revenues have increased by +1.8% vs. 22 and B2C services8 revenues showed a record performance (+27.2% vs. 22), mostly driven by Travel activities. Octopia B2B revenues have grown by +43%, mainly with 6 clients launched for its Marketplace-as-Service solutions and an increase in the number of parcels shipped by +30% vs. 22 for Fulfilment-as-a-Service clients such as Adeo and Too Good to Go. C-Logistics B2B revenues have increased by x8 vs. 22, driven by the launch of 2 new clients and the increase in the number of shipped parcels. Advertising services revenues have increased by +5% vs. 22, amounting to €35m in the 1st semester 2023.

Gross margin was €182m in the 1st half 2023, representing 29.7% of net sales, increasing by +7pts vs. 22 and by +12pts compared to the pre-pandemic level (1st half of 2019). This gross margin increase over the past years demonstrates the success of the implementation of the strategic plan, with Marketplace revenues growing by +2% compared to last year (+28% vs. 19) and Advertising revenues increasing by +5% compared to last year (x2 vs. 19). Compared to 2022, direct sales margin was negatively impacted by an additional destocking initiative focused on SKUs with the highest inventory turnover to adjust inventories to current level of activity. Destocking initiatives on direct sales had an impact of -4.4pts on gross margin.

SG&A (excluding D&A) costs amounted to €-148m in the 1st semester 2023, representing 24.1% of net sales, decreasing by -3pts vs. 22. During the 2nd quarter 2022, an Efficiency plan to recalibrate SG&A structure to current level of activity was launched.

  • Fulfilment costs (excluding D&A) stood at 7.7% of net sales (-0.6pt vs. 22), decreasing by €15m compared to last year. Variable fulfilment costs (logistics, after sales and payment processing) were favourably impacted by lower volumes in the 1st semester 2023 compared to the 1st semester 2022. Fixed fulfilment costs benefited from the Efficiency Plan launched during the 2nd quarter 2022. Fulfilment costs are also positively impacted by initiatives aiming at optimizing costs associated to warehouses: improvement of warehouses productivity, simplification of warehouses network and close monitoring of warehouses capacity to adapt to business levels. Approximatively 50k sqm of warehouses were closed in June 2023, with further capacity optimization planned for the 2nd half 2023
  • Marketing costs (excluding D&A) represented 5.6% of net sales (+0.1pt vs. 22), decreasing by €16m compared to last year, mostly due to lower volumes in the 1st semester 2023 driving down variable acquisition marketing costs along with benefits from the Efficiency Plan, notably savings on media campaigns and tools
  • Technology & Content costs (excluding D&A) stood at 6.9% of net sales (-1.4pt vs. 22), decreasing by €6m compared to last year, mainly impacted by the Efficiency Plan launched in the 2nd quarter 2022 to slow down Octopia’s commercial ramp-up and associated staff costs incurred, rationalize the Direct Sales dedicated FTEs while continuing to reinforce marketplace workforce, notably teams dedicated to sellers’ care and support
  • General & Administrative expenses (excluding D&A) represented 3.9% of net sales (-1.3pt vs. 22) and 2.2% of e-commerce GMV9 (-0.5pt vs. 22). The 1st semester 2022 was impacted by positive non-recurring items. Adjusted from these impacts, General & Administrative costs would amount to €2m vs. 22 (-8%) despite inflation

Consequently, EBITDA amounted to €34m, increasing by €19m compared to last year, representing 5.5% of net sales (+3.9pts vs. 22).

Depreciation & Amortization (D&A) amounted to €-48m in the 1st semester 2023. In accordance with IFRS 16, Depreciation & Amortization include the amortization of the right-of-use asset which represents lessees’ right to exploit leased elements over the duration of a lease agreement, which were impacted by the rationalization of warehousing capacities to adapt to business levels, with significant impacts expected in the 2nd half of 2023 and full impacts expected in 2024.

Operating EBIT amounted to €-14m, increasing by €19m vs. 22, with steady Depreciation & Amortization compared to last year.


This press release was prepared solely for information purposes and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Likewise, it does not provide and should not be treated as providing investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Recipients should not consider it as a substitute for the exercise of their own judgement. All the opinions expressed herein are subject to change without notice.

Forward-looking statements

This press release may include forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms as “believe”, “expect”, “anticipate”, “may”, “assume”, “plan”, “intend”, “will”, “should”, “estimate”, “risk” and or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding Cnova’s and/ or the Casino Group’s intentions, beliefs or current expectations concerning, among other things, Cnova’s and/or the Casino Group’s plans, objectives, assumptions, expectations, prospects and beliefs and statements regarding other future events or prospects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.

These forward-looking statements reflect Cnova’s and/or the Casino Group’s current expectations, intentions or forecasts of future events, which are based on the information currently available and on assumptions made by Cnova and/or the Casino Group. The forward-looking statements and information contained in this announcement are made as of the date hereof and Cnova and/or the Casino Group is under no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws. All subsequent written or oral forward-looking statements attributable to Cnova and/or the Casino Group, or persons acting on Cnova’s and/or the Casino Group’s behalf, included in but not limited to press releases (including on Cnova’s and/or the Casino Group’s website), reports and other communications, are expressly qualified in their entirety by the cautionary statements contained throughout this press release.


About Cnova N.V.

Cnova N.V., the French ecommerce leader, serves 8.0 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, 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 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:
[email protected]
Tel : +33 6 79 74 30 94
Media contact:
[email protected]
Tel: +33 6 18 33 17 86
[email protected]
Tel: +33 6 17 76 79 71


1 Refer for more context to and , especially the press release & associated presentation published by Cnova and Casino on June 26th, 2023

2 All figures contained herein are unaudited and may differ from the figures that will be presented in our 2023 half-year report. The Company intends to update these figures in the course of its ordinary quarterly and (semi) annual reporting.
3 Like-for-like figures exclude CChezvous, Géant and Cdiscount Energy for 1H22
4 2022 figures have been restated to consider CChezVous disposal (discontinued operations)
5 Like-for-like figures exclude CChezvous, Géant and Cdiscount Energy for 1H22
6 2022 figures have been restated to consider CChezVous disposal (discontinued operations)
7 Like-for-like figures exclude CChezvous, Géant and Cdiscount Energy for 1H22
8 Excluding Energy
9 E-commerce GMV is equal to direct sales GMV combined to marketplace GMV




  • Cnova Preliminary 1H23 Financial Performance Press Release

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