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Cnova Q1 loss widens 46.6% YOY

Cnova NV said its first-quarter normalized net income came to a loss of 5 euro cents per share, compared with a loss of 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €20.1 million, compared with a loss of €13.7 million in the year-earlier period.

The normalized profit margin declined to negative 2.8% from negative 1.8% in the year-earlier period.

Total revenue rose 17.8% year over year to €915.5 million from €777.4 million, and total operating expenses increased 20.2% from the prior-year period to €943.5 million from €784.8 million.

Reported net income came to a loss of €37.6 million, or a loss of 9 cents per share, compared to a loss of €18.3 million, or a loss of 4 cents per share, in the prior-year period.