Cnova shares posted one of the strongest gains on the Paris market on Monday morning, following the publication of half-year results that were well received by investors.

The online retail group Cnova, parent company of Cdiscount and controlled by Casino, saw its Ebitda more than double compared to the first half of 2022, to 34 million euros from 14 million a year earlier.

In a press release, Cnova explains that it has benefited from its focus on improving the profitability of direct sales, the growth of its advertising revenues and its cost reduction plan.

As a result, Cnova says it has accelerated its transition to a 'more profitable' model, recording a sharp rise in its gross margin rate to 29.7%, up from 22.6% in the first half of 2022.

Free cash flow from continuing operations before financial expenses and other income and expenses amounted to -183 million euros for the first half of 2023

Total volume of goods sold (GMV) fell by 14% on a like-for-like basis in a "still difficult" market, marked by a downturn in the technology and household appliance product categories.

Following this publication, the share gained over 6% in a slightly bullish Paris market (+0.4%). Since the beginning of the year, the share price has gained 3% despite Casino's serious difficulties.

At June 30, Cnova's net financial debt stood at 582 million euros.

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