Artificial Intelligence

Fnac Darty: Good revenue resistance in Q1 2022

Published

2 years ago

April 21, 2022

Good revenue resistance in Q1 2022

Revenue for Q1 2022 at €1,782 million, down slightly by -2.0% on a reported basis and by -2.5% on a like-for-like basis,¹ compared to Q1 2021, taking into account a high comparison basis effect and in an increasingly inflationary environment.
Performance driven by strong in-store sales growth, in a context where all stores were open in Q1 this year, and by a continued high level of online sales.
Strategic partnerships for the Group were formed around digital development and data with Google, and repairs with Apple.
Strong financial management by Fnac Darty, with Standard & Poor’s and Scope Ratings agencies raising the Group’s long-term credit ratings by a level.

Enrique Martinez, Chief Executive Officer of Fnac Darty, declared: “The Group’s performance was solid in Q1 2022, with good product availability and excellent service quality. We also entered into strategic partnerships with two key Tech stakeholders: with Google, to achieve a smoother, more personalized and innovative experience for our customers when shopping online; and with Apple, to strengthen our position as a leader in repairs and the circular economy. We will remain attentive to changes in the international environment in the coming months.“

FIRST QUARTER 2022 REVENUE


	Q1 2022 In €m	Change vs Q1 2021
	Q1 2022 In €m	Actual data	Like-for-Like data¹
France and Switzerland	1,471	-2.3%	-2.8%
Iberian Peninsula	157	+8.5%	+7.4%
Belgium and Luxembourg	154	-8.6%	-8.6%
Group	1,782	-2.0%	-2.5%

FIRST QUARTER 2022 KEY HIGHLIGHTS

Sales analysis for the quarter

Group revenue reached €1,782 million in Q1 2022, down -2.5% on a like-for-like basis² and -2.0% on a reported basis in the context of a very high comparison basis (as a reminder, the Group had recorded like-for-like growth of +21.7% in Q1 2021).

Compared to the proforma 2019 pre-crisis level³, the Group recorded solid growth in its sales of +7.8%, supported by an increase in the average checkout value and the conversion rate.

Compared to Q1 2021, the strong performance of in-store sales, with stores fully opened in Q1 2022, partially offset the consolidation of the digital business, which represents 23% of the Group’s total sales. The omnichannel model continued its progression this quarter and accounts for more than 47% of total online sales, up +6 points from Q1 2021.

Changes by product category

During the quarter, the Group posted a decline in its sales of appliances mainly due to lower volumes in the market, coupled with a strong comparison basis effect in Q1, as the average selling price of large appliances is rising. Consumer electronics recorded a strong momentum in telephony, sound and photo, which was more than offset by the decline in categories that had benefited from the high demand for remote-working and home-learning equipment in connection with the health crisis. Editorial products continued to show strong sales growth in connection with the gradual recovery of in-store foot traffic, including books, video, and audio, while gaming sales declined. Diversification categories continued to record solid growth, which was driven mainly by urban mobility. Finally, services continued to grow in all areas, benefiting from the continued development of Darty Max and good credit momentum. Thanks to an easing of health restrictions and with a rich line-up, ticketing showed an encouraging recovery during the quarter.

Changes by region

In Q1 2022, sales in the France and Switzerland segment showed good resilience at €1,471 million, down slightly by -2.8% on a like-for-like basis¹, given a difficult comparison basis effect related to restrictions imposed in Q1 2021 that had boosted product sales related to remote-working and home well-being. This performance was driven in particular by the strong sales momentum of editorial products, particularly of books, led by literature and manga comics, as well as the continued positive impact of the Culture Pass. In addition, Nature & Découvertes posted a recovery in sales with an increase in the average checkout value and a return of in-store foot traffic to stores that were closed for much of Q1 last year. Finally, in Switzerland, the partnership with Manor continued during the quarter with 7 Fnac shop-in-shops opening within Manor, in accordance with the deployment plan. By summer, the Group still aims to have a total of 27 Fnac shop-in-shops within Manor stores.

Sales in the Iberian Peninsula amounted to €157 million, up +7.4% on a like-for-like basis¹, in the context of a weaker comparison basis due to restrictions that had strongly impacted the region’s performance in Q1 2021. Despite continued strong competitive pressure, mainly in Spain, stores posted double-digit growth in the region over the quarter related to higher traffic, more than offsetting the normalization of digital sales trends in both countries.

Revenue in the Belgium and Luxembourg region reached €154 million, down by -8.6% on a like-for-like basis¹. This decline is the result of a sluggish consumption environment in a context of particularly high inflation and sustained competitive pressure. Compared to 2019 proforma figures, sales in the region continued to grow by +3.8%.

Gross margin rate

The Group’s gross margin rate increased by more than +40 basis points during the quarter compared to Q1 2021, mainly boosted by the recovery in ticketing activities and the positive impact of services related to the continued roll out of Darty Max.

Strategic partnerships in digital and repairs

Fnac Darty is pursuing strategic partnerships to continue its digital transformation and product reparability initiatives; two major focuses of its strategic plan Everyday.

On February 23, the Group entered into a key strategic partnership with Google that is focused on the Cloud and that is currently being deployed. Google Cloud Retail Search solution is being integrated into the Fnac.com and Darty.com websites. This will increase the performance of the search engine, both online and on mobile devices, through a simplified, personalized and enhanced online shopping experience for customers. This partnership will also allow Fnac Darty to further improve operational efficiency (such as promotion management and better prioritization of after-sales service responses) through the integration of data analytics and processing tools, machine learning and artificial Intelligence.

Moreover, on March 21, the Group announced that WeFix, the French leader in smart phone repair, had been officially accredited by Apple for repairs and so it will now have access to the brand’s spare parts. All 142 WeFix points of sale will thus join the Apple Authorized Service Provider (AASP) network in France by summer 2022. This partnership also enables the Fnac and Darty brands to integrate AppleCare Services into the range of mobile insurance offered in-store as well as on the Group’s e-commerce sites. The agreement strengthens the long-term relationship between Apple and Fnac Darty and enables Fnac Darty to confirm its commitment to the repair and durability of its products, with the aim of reaching 2.5 million repaired products per year by 2025.

Continuation of the Group’s responsible commitment

In an inflationary environment, on February 23 Fnac Darty decided to make a commitment toward purchasing power by paying an exceptional purchasing power premium (prime exceptionnelle de pouvoir d’achat — PEPA) to its most directly affected employees. For employees working in France with a gross fixed annual salary of less than €35,000, the premium amounts to €400. The Group has also put a similar measure in place that is adapted to the specific context of each country in which it operates, except in Belgium, which has already benefited from a support measure for purchasing power. At the end of March, this premium was paid to more than 19,000 employees, or nearly 80% of the Group’s employees, representing an impact on the Group’s 2022 current operating income of more than €6 million.

Recognition of the Group’s strong financial management

Fnac Darty is rated by the Standard & Poor’s, Scope Ratings and Moody’s rating agencies.
On March 22 and April 1, the S&P and Scope Ratings agencies raised their Fnac Darty long-term credit rating by a level, demonstrating their confidence in the Group’s omnichannel model, operational performance, and financial discipline, all of which have significantly improved its risk profile. Fnac Darty has BBB, BB+ and Ba2 ratings, assigned by Scope Ratings, Standard & Poor’s, and Moody’s, respectively, all with a stable outlook.

Shareholding and governance

Fnac Darty recently welcomed a new shareholder, Vesa Equity Investment, which notified the Group on April 12 that it holds more than 13% of Fnac Darty’s share capital and voting rights, but that it did not intend to seek the appointment of one or more members to the Board of Directors. The firm is now the Group’s second largest shareholder.

Moreover, after receiving the opinion of the Appointments and Compensation Committee, the Board of Directors will propose to the General Meeting on May 18, 2022 to renew the directorship of Jacques Veyrat for a term of three years, as well as those of Daniela Weber-Rey and Jean-Marc Janaillac for a four-year term each.

The Board of Directors will also submit to the General Meeting the appointment of Stefanie Meyer as an independent director for a two-year term⁴, replacing Delphine Mousseau, who resigned as director on January 26, 2022. This appointment, in accordance with the Board’s diversity policy, would strengthen the gender balance, diversity of profiles and the key skills within the Board of Directors. The Board’s level of international experience would thus be preserved, as well as its expertise in retail and digital development, with Stefanie Meyer having held the position of Vice-President Group Projects and PMO (Program Mgt. Office) at Ceconomy AG from 2018 until February 2022. It should be noted that, in view of the AFEP-MEDEF independence criteria, Stefanie Meyer is considered to be an independent director.

Thus, at the end of the General Meeting and subject to your vote in favor, the Board of Directors would remain composed of 14 members, including 11 independent members, 2 members representing employees and 6 women. The composition of the Board would thus comply with the AFEP-MEDEF Code as regards the number of independent directors on the Board and meet the legal obligation as regards the male/female ratio represented on the Board, i.e. at least 40% of each sex.

OUTLOOK

The year 2022 has started with rising inflation and geopolitical uncertainties that will impact visibility in the coming months. Although Fnac Darty does not have any sites in the conflict zone between Russia and Ukraine, nor does Fnac Darty procure from suppliers based in that area, the Group remains attentive to the evolving situation and its potential impact on its activities and results.

After a first quarter in which the Group managed to preserve its gross margin rate, Fnac Darty is particularly vigilant about changes in its markets in the coming months, with inflation on the rise and a decline in the consumer confidence index. Nevertheless, the Group remains confident in its ability to outperform the markets in which it operates, as it has already demonstrated in recent years, through its position as a leading omnichannel player. The Group’s priority for this year remains above all to optimize its gross margin rate, thanks to strong supply management, its wide range of products and services, and its ability to reflect price increases, particularly in the more premium product categories where the range is regularly renewed. These drivers will be complemented by robust cost control through the Group’s annual performance plans to partially offset the impact of inflation, which is expected to be higher than in previous years.

Finally, the Group will continue to execute its strategic plan Everyday and confirms its objectives of achieving⁵ cumulative free cash-flow from operations⁵ of approximately €500 million over the 2021–2023 period, and free cash flow from operations⁵ of at least €240 million annually from 2025.

************

FIRST QUARTER 2022 REVENUE

Jean-Brieuc Le Tinier, Chief Financial Officer of the Group, will host a conference call for investors and analysts on Thursday, April 21, 2022, at 6:30 pm (CET); 5:30 pm (UK), 12:30 pm (East Coast USA).

Please register here to only attend the conference by phone and to be able to ask questions during the Q&A session.

A presentation will be broadcast live, which you will be able to access by clicking on the following link: here

Listen to the recording at Fnac’s website: https://www.fnacdarty.com/en/.

CONTACTS

ANALYSTS/INVESTORS	Stéphanie Laval	[email protected] +33 (0)1 55 21 52 53
ANALYSTS/INVESTORS	Marina Louvard	[email protected] +33 (0)1 72 28 17 08

PRESS	Audrey Bouchard	[email protected] +33 (0)6 17 25 03 77
PRESS	Alexandra Redin	[email protected] +33 (0)6 66 26 05 18

APPENDICE – STORE NETWORK


	Dec. 31, 2021	Opening	Closing	Mar 31, 2022
France and Switzerland*	798	9	5	802
Traditional Fnac	97	2	4	95
Suburban Fnac	17	0	0	17
Travel Fnac	30	0	0	30
Proximity Fnac	73	2	0	75
Fnac Connect	14	0	0	14
Darty	465	4	0	469
Fnac/Darty France	1	0	0	1
Nature & Découvertes**	101	1	1	101
Of which franchised stores	385	7	2	390

Iberian Peninsula	74	1	1	74
Traditional Fnac	52	1	1	52
Suburban Fnac	0	0	0	0
Travel Fnac	2	0	0	2
Proximity Fnac	16	0	0	16
Fnac Connect	4	0	0	4
Of which franchised stores	5	0	0	5

Belgium and Luxembourg	85	0	0	85
Traditional Fnac***	12	0	0	12
Suburban Fnac	0	0	0	0
Travel Fnac	0	0	0	0
Proximity Fnac	1	0	0	1
Fnac Connect	0	0	0	0
Darty (Vanden Borre)	72	0	0	72
Of which franchised stores	0	0	0	0

Fnac Darty Group	957	10	6	961
Traditional Fnac	161	3	5	159
Suburban Fnac	17	0	0	17
Travel Fnac	32	0	0	32
Proximity Fnac	90	2	0	92
Fnac Connect	18	0	0	18
Darty/Vanden Borre	537	4	0	541
Fnac/Darty	1	0	0	1
Nature & Découvertes	101	1	1	101
Of which franchised stores	390	7	2	395

* Including 10 Fnac stores abroad: 2 in Tunisia, 1 in Morocco, 1 in the Congo, 1 in Cameroon, 2 in Ivory Coast, 2 in Qatar and 2 Darty stores in Tunisia; 17 stores in the French overseas territories. Excluding Fnac shop-in-shops opened in Manor stores.
** Nature & Découvertes and its subsidiaries are managed from France. Including four stores in Belgium, one store in Luxembourg, one franchise in Portugal, seven franchises in Switzerland and four franchises in the French overseas territories.
*** Including one store in Luxembourg, which is managed from Belgium.

1 Like-for-like data: excludes the effect of changes in foreign exchange rates and scope of consolidation, and directly owned store openings and closures.
2 Like-for-like data: excludes the effect of changes in foreign exchange rates and scope of consolidation, and directly owned store openings and closures.
3 Including Nature & Découvertes on a full year basis.
4 In accordance with the rule of rescheduling of mandates.
5 Excluding IFRS 16.

Attachment

Fnac_Darty_CP_T1 2022_vENG_VDEF

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Saviynt Appoints James Ross as RVP-ANZ to Strategically Accelerate Growth in the Australia and New Zealand Region

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46 mins ago

May 21, 2024

CISION (PR Newswire)

saviynt-appoints-james-ross-as-rvp-anz-to-strategically-accelerate-growth-in-the-australia-and-new-zealand-region

LOS ANGELES, May 22, 2024 /PRNewswire/ — Saviynt, a leading provider of cloud-native identity and governance platform solutions, today announced the appointment of James Ross as RVP-ANZ as the company has seen rapid growth in the Australia and New Zealand (ANZ) region, with double digit growth year over year.

Saviynt has solidified its position as a key player in the cloud identity security landscape with its Identity Cloud. The company’s continued focus on innovation and client satisfaction has contributed significantly to building a safer Australia with prominent customers across the energy and utilities, finance, retail, energy, and transport and logistics sectors.
“James’ appointment as the Regional Vice President (RVP) for ANZ marks a strategic move to accelerate growth and solidify market presence in the region,” said Dan Mountstephen, SVP APAC at Saviynt. “With a proven track record of dynamic leadership at Collibra, ForgeRock, and CA Technologies, James brings a wealth of experience and expertise to the role. His visionary approach and collaborative spirit are poised to inspire and mobilize teams toward ambitious targets.”
Saviynt has consistently expanded its client base and deepened its relationships with existing customers through customized solutions and unparalleled support, cementing its reputation as a trusted partner in the region’s cybersecurity ecosystem. As RVP ANZ, Ross is set to foster key partnerships and implement agile strategies to propel the company towards new heights of success in the dynamic ANZ market.
“Joining Saviynt excites me because it’s an opportunity to help more organizations simplify their identity ecosystem in order to drive efficiencies and improved security posture. I am committed to leveraging Saviynt’s cutting-edge solutions to continue to broaden our partnerships in the region to improve our accessibility for customers, strengthen our regional delivery, whilst continuing to provide a great customer experience,” said Ross.
To learn more about Saviynt, please visit our website.
About Saviynt
Saviynt empowers enterprises to secure their digital transformation, safeguard critical assets, and meet regulatory compliance. With a vision to provide a secure and compliant future for all enterprises, Saviynt’s cutting-edge solutions have been recognized as industry leaders. For more information, please visit www.saviynt.com.
Press Contact
Jacklyn [email protected]
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Appdome Sweeps Cybersecurity Excellence Awards

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Unified Mobile Defense Platform Recognized for Innovation and Leadership Across Nine Cybersecurity Categories
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Within a single pane of glass, Appdome delivers the most complete set of no-code, no-SDK, fully automated mobile defenses to mobile brands and enterprises, empowering mobile developers, cybersecurity, fraud and IT teams to deliver on any mobile cyber objective quickly and easily.
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Learn more about the award-winning Appdome Platform at www.appdome.com or request a personalized demo at https://www.appdome.com/request-a-demo/appdome-home/
The full list of awards are available from the Cybersecurity Excellence Awards website https://cybersecurity-excellence-awards.com/
About AppdomeThe Appdome mission is to protect every mobile app and mobile user in the world. Appdome provides the mobile industry’s only Unified Mobile App Defense platform, powered by a patented mobile coding engine, Threat-Events™ Threat-Aware UX/UI Control, and ThreatScope™ Mobile XDR. Using Appdome, mobile brands eliminate complexity, ship faster and save money by delivering 300+ Certified Secure™ mobile app security, anti-malware, anti-fraud, mobile anti-bot, anti-cheat, geo compliance, MiTM attack prevention, code obfuscation, social engineering and other protections in Android and iOS apps with ease, inside the mobile DevOps and CI/CD pipeline. Leading ﬁnancial, healthcare, government and m-commerce brands use Appdome to protect Android and iOS apps, mobile customers and mobile businesses globally. Appdome holds several patents including U.S. Patents 9,934,017 B2, 10,310,870 B2, 10,606,582 B2, 11,243,748 B2 and 11,294,663 B2. Additional patents pending.
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Artificial Intelligence

Courageous Whistleblowers Reclaim Derogatory Terms As Data Shows 80% of Financial Professionals Stay Silent on Suspected Internal Fraud, Fearing Retaliation

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May 21, 2024

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Enron whistleblower, Sherron Watkins, alongside stars of Apple TV’s The Big Conn, Sarah Carver and Jennifer Griffith, reclaim derogatory labels for whistleblowers Concerning new data shows more than half of financial professionals in the UK and US have spotted or suspected internal fraud in their workplaces, yet four out of five stay silent fearing retaliation 32% of professionals in finance have seen whistleblowers victimized behind their back or to their faceJACKSONVILLE, Fla., May 21, 2024 /PRNewswire/ — New data from fraud detection software company Medius shows more than half of financial professionals in the UK and US (56%) have spotted or suspected internal fraud in their workplaces yet four in five (81%) stayed silent. When asked why, 45% of professionals cited the fear of recrimination.

Whistleblowers Sherron Watkins, Sarah Carver and Jennifer Griffith have joined forces to reclaim the derogatory names they were called after reporting serious internal financial fraud.
To help empower others to come forward, the whistleblowers are reclaiming the terms “snitch”, “rat” and “traitor”.
Sherron Watkins is the former Vice President of Enron Corporation who alerted the CEO to accounting irregularities, warning the organization “‘might implode in a wave of accounting scandals.” Watkins received national acclaim for her courageous actions and TIME magazine named her along with two others as their Persons of the Year in 2002, calling them simply ‘The Whistleblowers.’
Sarah Carver and Jennifer Griffith are the stars of Apple TV’s The Big Conn after they exposed a fraud scheme of more than $550 million while employed at the Social Security Administration. In efforts to silence their disclosures, they experienced multiple acts of severe retaliation and were denied protection. Ultimately, both Carver and Griffith were forced from employment.
Concerns of repercussions are vindicated – the survey reveals the extent to which financial professionals in the UK and US have witnessed negative consequences for whistleblowers firsthand:
59% have seen whistleblowers subsequently left out of important decisions 33% have seen whistleblowers moved to a different team 32% have heard whistleblowers called derogatory names behind their backs or directly to their faceWhen asked what would encourage them to flag suspicious activity, 93% of workers surveyed would feel more comfortable doing so if they had more evidence, yet nearly half (48%) said the legal system simply does not adequately protect whistleblowers.
Jim Lucier, CEO at Medius, a leading global provider of cloud-based accounts payable automation and spend management solutions, said:
“White collar crime is on the rise and no organization is safe. Employees are the last line of defense against fraud but confidence to report suspicious activity is declining. AI anomaly-detection technology can provide employees with the evidence and assurances they need to be more forthcoming. Building a culture where employees feel comfortable to report their suspicions could save organizations millions in the long-run.”
Medius works with over 4,000 customers across 102 countries and processes $200 billion in annual spend. It uses the power of AI and automation to detect fraud the moment invoices are submitted safeguarding against bad actors and potential threats, internal and external.
Sherron Watkins, whistleblower who was called a “snitch”, said: “When someone is troubled by corporate wrongdoing and they attempt to sound the alarm, the pathway is uncharted, things happen organically. Normal rational people speak about their concerns with their closest friends and work colleagues, who often suggest staying safe saying “keep your head down, if you must report, go soft, nothing black and white.” Yet black and white evidence is what is needed to get the attention of those in power, either internally or with media or outside watchdog groups to prevent or stop fraudulent activity.”
Jennifer Griffith, whistleblower who was called a “traitor”, said: “Choosing to blow the whistle involves more than just the desire to right a wrong. It’s about protecting their employers from fraud. However, it’s more often than not seen as causing trouble for the employer, or as a self-serving action to get a financial reward. No one who chooses to blow the whistle expects to have their reputation attacked, their credibility impugned or to lose their job. The cost of ignoring a whistleblowers complaints are far greater than acknowledging that a problem exists and taking steps to fix it. It’s been 19 years since I blew the whistle and the problems that existed then with the Social Security Administration still exist today. We must do more to protect whistleblowers.”
Sarah Carver, whistleblower who was called a “rat”, said: “The government’s attempt to conceal the fraud resulted in exacerbated damage, whereas a more prudent approach would have entailed immediate acknowledgement and rectification upon initial disclosure. The retaliatory measures aimed at silencing me made me stronger and fight harder to find someone to listen and stop the fraud.”
Georgina Hallford-Hall, CEO of Whistleblowers UK, said: “Too many organisations talk the talk but fail to engage with whistleblowers often at great cost to both. Technology used properly can remove the fear that both organisations and whistleblowers have about dealing with whistleblowing because it removes the person and focuses on the concerns or malfeasance. WhistleblowersUK are calling on the UK government to introduce an Independent Office of the Whistleblower to protect everyone from discrimination setting standards that end stigmatisation and discrimination making it safe to speak up.”
The billboard advertising campaign runs on Wall Street from Saturday, 18th May to Friday, 24th May 2024.
For more information about how Medius can prevent fraud, visit: https://www.medius.com/whistleblowing/
Notes to Editor
Methodology
The research was conducted by Censuswide with 1500 financial professionals in the UK and US (aged 18+) between 04/22/24 – 05/07/24. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of The British Polling Council.
For more information, please contact:
Fight or Flight for [email protected] / +44 330 133 0985
This information was brought to you by Cision http://news.cision.com
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