CNOVA
N.V.
Third Quarter 2016 Activity
Amsterdam - October 11, 2016,
07:45 CEST - Cnova N.V. (NASDAQ and Euronext Paris: CNV;
ISIN: NL0010949392) ("Cnova" or the "Company") today announced
unaudited gross merchandise value (GMV), net sales and other
operating data for the quarter ended September 30, 2016.
Given the August 8, 2016,
agreement signed with Via Varejo, Cnova Brazil is classified as a
discontinued activity as of January 1, 2015. Therefore, all Cnova
operational metrics in this document refer only to Cdiscount with
the exception of Annexes C and D, which provides those of Cnova
Brazil.[**]
-
Gross merchandise volume (GMV):
€681 million (+6%)
-
Net sales: €414 million
(+3%)
-
Traffic: 193 million visits
(+6%)
-
Active customers: 7.9 million
(+12%)
-
Number of items sold: 11.1
million (+20%)
Emmanuel Grenier, Cnova CEO, commented:
"A relatively
good quarter-end performance was not enough to offset what can only
be described as very disappointing GMV and net sales levels in
July. These were due mostly to unseasonable weather as well
as tragic geopolitical events in France. Nonetheless, Cnova made
impressive year-on-year gains on many fronts during the quarter
including growing our active customer base by more than 10% and
more than doubling the number of subscribers to our customer
loyalty program, Cdiscount à volonté.
We are rolling
out services to monetize the value of our website traffic: we have
just launched 'Cstream' whereby our clients can stream video, music
as well as books and magazines. We are also moving into the market
lead with 1-hour delivery service in all of Paris. And we are not
stopping there: we expect to launch other services before the end
of the year.
Cnova management
is now squarely focused on the French market, and we plan to
consolidate and expand our market leading positions in the months
and quarters to come."
3rd Quarter 2016
Highlights
Gross merchandise
volume (GMV) amounted to €681 million for the 3rd quarter 2016
(+6.3% compared to the same period in 2015). Unseasonable weather
in July and geopolitical factors saw July activity advance in low
single digit territory before a rebound in August.
-
The 3rd quarter 2016
marketplace share of GMV was 33.3% (+347 basis
points year-on-year, or y-o-y). This was due to 1) strong
performances in the home, telephone and fashion categories, 2) the
ramp-up of fulfillment services further aided by the implementation
of cross-docking, and 3) an increase in the overall quality of
marketplace vendor customer service levels.
Net sales
totaled €414 million in the 3rd quarter 2016
(+2.8% y-o-y). Sales of home furnishings and household appliances
fell below double digit in July before recovering in August. The
Group decision to cut back on low profitability B2B activity
reduced net sales in the quarter by about 2%.
Other key
performance indicators during the 3rd quarter 2016
included:
-
Traffic rose 6.5% y-o-y to
193 million visits;
-
Active customers totaled
7.9 million;
-
Orders increased 18.8%
while the number of items sold grew
19.9%;
-
Mobile share of traffic
rose 435 basis points to 54.2%. Cdiscount revamped its app in
August with very strong results (improvement of conversion rate
over 20% in August and September y-o-y).
Customer offer
and service enhancements during the 3rd quarter 2016
centered on improvement of existing and development of new
services, including:
-
extension to Saturday of same-day delivery of
large items (> 30 kgs) in the Paris metropolitan area (delivery
between 19:00 and 23:00 for all orders received by 14:00);
-
Sunday delivery service for large items in the
Paris metropolitan and surrounding areas;
-
small item Delivery Express by
appointment;
-
Cstream, Cdiscount's video,
music streaming service launched on October 4, 2016;
-
CDAV (Cdiscount à volonté)
customers benefit from new services including private sale
offers.
Perimeter
change during the quarter involved the closing of the last
existing specialty site, Le Comptoir Santé, in
September 2016. Cnova Brazil is accounted for as a discontinued
activity as of January 1, 2015.
***
Nine-month 2016 selected
data
GMV amounted
to €2,052 million for the first nine months of 2016 (+12.3%
compared to the same period in 2015) with a corresponding
marketplace share of 31.4% (+387 bps).
Net sales
totaled €1,272 million for the first nine months of 2016 (+9.1%
y-o-y).
About Cnova
N.V.
Cnova N.V., one of the leading e-Commerce
companies in France, serves 7.9 million active customers via
state-of-the-art e-tail Cdiscount websites in France and the Ivory
Coast. Cnova N.V.'s product offering of more than 19 million
references provides its clients with a wide variety of very
competitively priced goods, several fast and customer-convenient
delivery options as well as practical payment solutions. 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.
Forward-Looking
Statements
This press
release contains forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995, Section
27A of the U.S. Securities Act of 1933, as amended, and Section 21E
of the U.S. Securities Exchange Act of 1934, as amended. Such
forward-looking statements may generally be identified by words
like "anticipate," "assume," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "potential,"
"predict," "project," "future," "will," "seek" and similar terms or
phrases. Examples of forward-looking statements include, but
are not limited to, statements made regarding the possibility,
timing and other terms and conditions of the proposed transaction
and the related offer by the Company's controlling shareholder
Casino, Guichard-Perrachon ("Casino") for the outstanding shares of
Cnova. The forward-looking statements contained in this press
release are based on management's current expectations, which are
subject to uncertainty, risks and changes in circumstances that are
difficult to predict and many of which are outside of Cnova's
control. Important factors that could cause Cnova's actual results
to differ materially from those indicated in the forward-looking
statements include, among others: the ability to obtain required
shareholder approvals for closing of the corporate reorganization
in Brazil (the "Reorganization"); the ability to complete the
Reorganization and other transactions and the timing of completion
of the Reorganization and such other transactions; the effect of
the announcement of the Reorganization on the ability of the
Company to retain and hire key personnel, maintain relationships
with its customers and suppliers, and maintain its operating
results and business generally; the outcome of any legal
proceedings that may be instituted against the Company and others
relating to the reorganization agreement, dated as of August 8,
2016, between Cnova Brazil, Via Varejo and Cnova (the
"Reorganization Agreement"); the occurrence of any other event,
change or other circumstance that could give rise to the
termination of the Reorganization Agreement; changes in global,
national, regional or local economic, business, competitive, market
or regulatory conditions; and other factors discussed under the
heading "Risk Factors" in the U.S. Annual Report on Form 20-F for
the year ended December 31, 2015, filed with the SEC on July
22, 2016 and other documents filed with or furnished to the SEC.
Any forward-looking statements made in this press release speak
only as of the date hereof. Factors or events that could cause
Cnova's actual results to differ from the statements contained
herein may emerge from time to time, and it is not possible for
Cnova to predict all of them. Except as required by law, Cnova
undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future
developments or otherwise.
***
Cnova Investor Relations Contact:
Head of Investor Relations
investor@cnova.com
Tel: +31 20 795 06 71 |
Media contact:
Head of Communication
directiondelacommunication@cnovagroup.com
Tel: +31 20 795 06 76 |
Annex A - Third
Quarter 2016 activity: Cnova N.V.
Cnova N.V.(1)
(2) |
Third Quarter |
Change |
2016 |
2015 |
|
|
|
|
|
|
|
|
GMV(3)
(€ millions) |
680.9 |
640.3 |
+6.3% |
Marketplace
share of GMV |
33.3% |
29.8% |
+347 bps |
Net sales (€ millions) |
414.1 |
402.7 |
+2.8% |
Traffic (visits in
millions) |
192.5 |
180.8 |
+6.5% |
Mobile
share |
54.2% |
49.8% |
+435 bps |
Active customers(4)
(millions) |
7.9 |
7.1 |
+11.7% |
Number of items sold (millions) |
11.1 |
9.3 |
+19.9% |
Orders(5)
(millions) |
5.7 |
4.8 |
+18.8% |
Annex B - Third Quarter 2015 restatement
reconciliation: Cnova N.V.
Cnova N.V.(1) |
Third Quarter
2015 |
Change |
Adjusted(2) |
Original |
(as of Sept.
30, 2016) |
(as of Sept.
30, 2015) |
GMV(3)
(€ millions) |
640.3 |
649.1 |
-8.7 |
Marketplace
share of GMV |
29.8% |
29.8% |
- |
Net
sales (€ millions) |
402.7 |
410.3 |
-7.6 |
Traffic (visits in millions) |
180.8 |
192.9* |
-12.0 |
Mobile share of traffic |
49.8% |
48.9%* |
+89 bps |
Active customers(4)
(millions) |
7.1 |
7.3* |
-0.2 |
Number of items sold (millions) |
9.3 |
9.5* |
-0.3 |
Orders(5)
(millions) |
4.8 |
4.9* |
-0.1 |
-
Cnova N.V.'s figures are not
audited and those of Cnova Brazil are no longer included: following
the Reorganization Agreement with Via Varejo S.A. announced by
Cnova on August 8, 2016, approved by Via Varejo's minority
shareholders on September 12, 2016, and which will be submitted for
approval by Cnova shareholders on October 27, 2016, the Company's
figures for the third quarter of 2015 and 2016 reflect the
reclassification of Cnova Brazil as a discontinued activity in the
consolidated income statement and as an asset held for sale in the
consolidated balance sheet in accordance with IFRS 5.
-
3Q15 figures have also been
adjusted for the reclassification of Cdiscount Thailand, Cdiscount
Vietnam, Cdiscount Colombia, Cdiscount Cameroon and Cdiscount
Senegal as discontinued activities. 3Q16 figures reflect the
reclassification of Cdiscount Colombia, Cdiscount Cameroon and
Cdiscount Senegal as discontinued activities (Cdiscount Thailand
and Cdiscount Vietnam having been sold in 1Q16).
-
Gross Merchandise Volume (GMV)
is defined as product sales + other revenues + marketplace business
volumes (calculated based on approved and sent orders) +
taxes.
-
Active customers at the end of
September having purchased at least once through cdiscount.com
during the previous 12 months.
-
Total placed orders before
cancellation due to fraud detection and/or customer
non-payment.
* |
Not previously disclosed
|
Annex C - Third
Quarter 2016 activity: Cnova Brazil (discontinued activity)
Cnova Brazil(1) |
Third Quarter |
Change |
2016 |
2015
(restated2) |
|
|
|
|
|
|
|
|
|
GMV(3)
(R$ millions) |
1,465.4 |
1,934.5 |
-24.2% |
Marketplace
share of GMV(4) |
21.2% |
12.0% |
+926 bps |
Net sales(5)
(R$ millions) |
946.1 |
1,528.5 |
-38.1% |
Traffic (visits in
millions) |
210.8 |
212.9 |
-1.0% |
Mobile
share |
45.7% |
32.4% |
+1,338 bps |
Active customers(6)
(millions) |
5.9 |
8.1 |
-27.4% |
Number of items sold (millions) |
4.1 |
5.8 |
-29.3% |
Orders(7)
(millions) |
3.0 |
4.2 |
-29.0% |
Annex D - Third
Quarter 2015 restatement reconciliation: Cnova Brazil (discontinued
activity)
Cnova Brazil(1) |
Third Quarter
2015 |
Change |
Adjusted(2) |
Original |
(as of Sept.
30, 2016) |
(as of Sept.
30, 2015) |
GMV(3)
(R$ millions) |
1,934.5 |
1,920.0 |
+14.5 |
Marketplace
share of GMV(4) |
12.0% |
12.8% |
-0.8 pts |
Net
sales(5)
(R$ millions) |
1,528.5 |
1,515.8 |
+12.7 |
Traffic (visits in millions) |
212.9 |
212.9 |
- |
Mobile share of traffic |
32.4% |
32.4% |
- |
Active customers(6)
(millions) |
8.1 |
8.1* |
- |
Number of items sold (millions) |
5.8 |
5.8* |
- |
Orders(7)
(millions) |
4.2 |
4.2* |
- |
-
Cnova N.V.'s figures are not
audited and those of Cnova Brazil are no longer included: following
the Reorganization Agreement with Via Varejo S.A. announced by
Cnova on August 8, 2016, approved by Via Varejo's minority
shareholders on September 12, 2016, and which will be submitted for
approval by Cnova shareholders on October 27, 2016, the Company's
figures for the third quarter of 2015 and 2016 reflect the
reclassification of Cnova Brazil as a discontinued activity in the
consolidated income statement and as an asset held for sale in the
consolidated balance sheet in accordance with IFRS 5.
-
3Q15 GMV, the marketplace share
of GMV and net sales of Cnova Brazil have been adjusted for the
apportionment of certain adjustments previously recorded in 4Q15 -
see our 2015 annual report on form 20-F on pages iv, 95 and F13 for
more details.
-
Gross Merchandise Volume (GMV)
is defined as product sales + other revenues + marketplace business
volumes (calculated based on approved and sent orders) +
taxes.
-
Includes marketplace share
of extra.com.br, pontofrio.com,
casasbahia.com.br and cdiscount.com.br.
-
Beginning January 1, 2016,
ICMS, the Brazilian indirect VAT on the interstate sale of goods
and services, is transitioning from being 100% due in the state of
the seller to being 100% due in the state of the buyer. This has
led to an estimated decrease in 3rd quarter 2016
net sales at Cnova Brazil in the amount of approximately R$ 66
million.
-
Active customers at the end of
September having purchased at least once through Cnova Brazil sites
during the previous 12 months, calculated on a website-by-website
basis as Cnova Brazil operates multiple sites each with unique
systems of identifying users, which could
result in an individual being counted more than once.
-
Total placed orders before
cancellation due to fraud detection and/or customer
non-payment.
* |
Not previously disclosed
|
Upcoming Events |
|
Wednesday, October 26, 2016 at 07:45 CEST |
Cnova Third Quarter
2016 Financial Results |
Wednesday, October 26, 2016 at 16:00 CEST |
Cnova Third Quarter
2016 Conference Call & Webcast |
|
Conference Call and Webcast connection details |
Conference Call Dial-In Numbers: |
Toll-Free: |
|
Brazil |
0 800 891 6221 |
France |
0 800 912 848 |
UK |
0 800 756 3429 |
USA |
1 877 407 0784 |
|
|
Toll: |
1 201
689 8560 |
|
|
Conference Call Replay Dial-In Numbers: |
Toll-Free: |
1 844
512 2921 |
Toll: |
1 412 317 6671 |
|
|
Available
From: October 26, 2016 at |
13:00
EST / 19:00 CEST |
To: November 2, 2016 at |
00:00 ET / 06:00 CET |
Replay Pin
Number: |
13646527 |
|
|
Webcast: |
http://public.viavid.com/index.php?id=121311 |
|
|
Presentation materials to accompany the call will be available at
cnova.com on October 26, 2016. |
|
|
An archive
of the conference call will be available for a limited time at
cnova.com following its conclusion. |
|
[**]Cnova N.V.'s figures are not audited and those of Cnova
Brazil are no longer included: following the Reorganization
Agreement with Via Varejo S.A. announced by Cnova on August 8,
2016, approved by Via Varejo's minority shareholders on September
12, 2016, and which will be submitted for approval by Cnova
shareholders on October 27, 2016, the Company's figures for the
third quarter of 2015 and 2016 reflect the reclassification of
Cnova Brazil as a discontinued activity in the consolidated income
statement and as an asset held for sale in the consolidated balance
sheet in accordance with IFRS 5. For information purposes, the
activity data concerning Cnova Brazil is presented in Annexes C and
D.
For additional
information on how GMV, net sales, traffic, active customers,
number of items sold and available products are calculated, please
refer to footnotes at the bottom of page 4.
CNOVA N.V. Third Quarter 2016
Activity
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cnova N.V. via Globenewswire
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