Casino's Ecommerce arm Cnova defers capital increase, drops earlier guidance

Cnova NV

08/10/2021 06:45

PARIS, Oct 8 (Reuters) - Cnova NV  CNV.PA , the E-commerce
arm of French retailer Casino  CASP.PA , said it had decided to
defer an earlier fund-raising plan, and could no longer confirm
financial guidance given in June due to challenging third
quarter business conditions.
    In June, Cnova had unveiled plans to raise around 300
million euros ($346.50 million) by the end of the year in a sale
of new shares, to fund growth and boost its proportion of freely
tradeable stock.  urn:newsml:reuters.com:*:nL2N2NJ0DI
    "In a timid 3rd quarter market, we confirmed our relevant
positioning with a strong ecommerce platform benefiting from a
growing loyal customer base and the acceleration of our digital
marketing solutions," Cnova CEO Emmanuel Grenier said in 
statement.
    "In this soft market, we have launched several actions to
maintain our growth dynamics. In light of this situation, Cnova
is no longer in position to confirm its guidance released in
June," added Grenier.
    Cnova's Cdiscount website competes with international groups
such as Amazon  AMZN.O  in France>, with a marketplaces-style
platform that links shoppers with third-party vendors selling
household goods, electronic equipment and toys.
    ($1 = 0.8658 euros)

 (Reporting by Dominique Vidalon;
Editing by Sudip Kar-Gupta)
 ((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters
Messaging: dominique.vidalon.reuters.com@reuters.net))