Casino slips as e-commerce unit drops FY guidance

Cnova NV

08/10/2021 08:45

** Shares in French retailer Casino  CASP.PA  slip around 2%
after its e-commerce arm Cnova  CNV.PA  dropped its earlier
guidance due to challenging Q3 business conditions  urn:newsml:reuters.com:*:nL8N2R40QP
    ** It also deferred earlier fund-raising plans of around EUR
300 mln ($346.50 mln) to fund growth and boost its proportion of
freely tradeable stock
    ** In June, Cnova, which owns a shopping website Cdiscount,
said it was targeting 2021 EBITDA of EUR 160 mln, up 20% y/y,
but Q3 GMV rose only 7.5% partly due to the re-opening of
brick-and-mortar stores as COVID restrictions eased
    ** Shares in Cnova edge down 1.2%, while those of Casino are
among worst performers on France's SBF 120 index  .SBF120 
    

 (Reporting by Piotr Lipinski)
 ((piotr.lipinski@tr.com))