From GlobeNewswire:

CNOVA N.V. revealed its annual financial results for 2023 and fourth-quarter activity. The group Casino experienced operational improvement with a 56% increase in EBITDA in 2023 versus 2022. Revenue growth of 2% was supported by a resilient GMV Marketplace, a 6% rise in Advertising service revenue, and a 69% increase in B2B revenue driven by C-Logistics Fulfilment services and Octopia Marketplace solutions.

The efficiency plan exceeded expectations by €39 million to rebalance operational costs and investment spending by the end of 2023, resulting in a €129 million decrease compared to 2021. EBITDA increased by €29 million in 2023 compared to 2022, reflecting Cnova’s shift towards a more profitable revenue growth model. Financial results improved by €15 million in 2023 compared to 2022.

The high level of engagement from Cnova’s teams led to better customer support. The company’s transformation towards higher-margin services, combined with the Efficiency Plan initiated in 2022, resulted in a significant EBITDA increase of 56% in 2023 compared to 2022. The focus on profitability led to an almost tripled EBITDA after rents, reaching €50 million in 2023.

Cnova emphasized its ongoing ESG policy development, highlighting accomplishments such as 17.1% of Cdiscount’s GMV coming from “more responsible” products in 2023. The company reduced energy consumption by 31% in 2023 compared to 2019, surpassing the previous commitment made in 2022. The CEO, Thomas Métivier, commented on the company’s transition towards a Marketplace-centric model amidst challenging market conditions.

In terms of financial performance, Cnova saw a significant decline in total GMV in 2023 compared to 2022, heavily impacted by a decrease in direct sales but partially offset by growth in Marketplace sales and other services. Despite a decrease in net revenue, the company was able to significantly increase EBITDA, showcasing its efficiency and profitability focus.



Read more at GlobeNewswire:: Activité du 4ème trimestre & résultats