- Cnova NV_Activity Press Release_3Q23 (pdf 422.7 ko)
In a demanding and uncertain environment with downward trends in High Tech & Home
equipment categories, Cnova is pursuing its transformation towards a more profitable model.
This transformation leads to solid growth of Services revenues, notably linked to Marketplace (+1%
vs. 22), Advertising (+8% vs. 22), B2C Services (+12% vs. 22) and B2B activities (x2 vs. 22)1 unlocking a
Gross Margin rate increase of +7pts.
Efficiency Plan of €90m SG&A and CAPEX annual savings vs. 21 is ahead of schedule and supports
continuous improvement of profitability and operational cash in 3Q23 vs. 22.
Services revenues are growing both in B2C and B2B activities:
• Marketplace revenues2 growing +1% vs. 22 (+29% vs. 19) at €46m driven by the Marketplace
GMV back to growth in 3Q23 (+1% vs. 22, +9% vs. 19), standing at €336m and Marketplace GMV
share reaching record level at 63% in 3Q23 (+10.6pts vs. 22, +23.1pts vs. 19)
• Advertising revenues3 growing +8% vs 22 (x2 vs. 19) at €18m, despite an overall decreasing GMV,
driven by Retail Media (+11% vs. 22), mainly for Sellers (+29% vs. 22). Advertising GMV take rate
stood at 4.0% in 3Q23 (+0.9pt vs. 22, +2.5pts vs. 19)
• B2C Services GMV showing a solid performance, standing at €38m in 3Q23 (+12% vs. 22), mostly
thanks to Mobile (+54% vs. 22) and Travel activities (+5% vs. 22)
• Octopia B2B revenues growing +54% vs. 22 at €8m with 2 marketplaces launched in 3Q23 and
sharp increase in Fulfilment-as-a-Service revenues (+44% vs. 22)
• C-Logistics B2B revenues multiplied by 4 vs. 22 at €5m, with a soaring number of shipped parcels
for external clients (x6 vs. 22)
Overall GMV decreased by -14% in 3Q23 vs. 22 due to the decrease in Direct Sales GMV, linked to the
model transformation (-35% vs. 22 at €198m) despite a growing marketplace GMV (+1% vs. 22, +9%
vs. 19).
Continuous development of Cnova’s ESG policy:
▪ “More sustainable products” SKUs: 18.6% of Cdiscount’s Product GMV in 3Q23 (+5.0pts vs. 22)
▪ C-Logistics’ decrease in energy consumption by -25% vs. last year (from January to August)
