| PRESS RELEASE 29 July 2021 |
First half 2021: strong growth in the first half
REVENUE: €388.3M (+28.3%)
EBITDA: €33.0M (+368%), 8.5% margin
NET INCOME LARGELY POSITIVE: €20.6M
La Plaine Saint Denis, 29 July 2021 - Showroomprivé (SRP Groupe), a leading European online retailer for the Digital Woman, announces strong growth in its earnings for the first half, ended 30 June 2021.
| Strong revenue and profitability growth in H1 2021, including 13.7% in Q2 2021 Strong growth of the activity (+28.3%) driven by the core business (+29.2% of the online sales)
EBITDA[1] of €33.0 million, vs €7.0 million in H1 2020
Net income of €20.6 million, already higher than for the full year in 2020 Sound and strengthened financial structure
Outlook and confirmed ambitions for a profitable growth in 2021
|
H1 2021 KEY FIGURES
| (€ million) | H1 2020 | H1 2021 | Variation | % variation |
| Net revenues | 302.7 | 388.3 | +85.5 | +28.3% |
| Total Internet revenues | 298.2 | 385.1 | +84.5 | +29.2% |
| Gross margin | 112.4 | 157.6 | +45.2 | +40.2% |
| as % of revenues | 37.1% | 40.6% | - | +3.5pts |
| Operating expenses | 114.0 | 132.6 | +18.6 | +16.3% |
| as % of revenues | 37.7% | 34.2% | - | -3.5pts |
| EBITDA | 7.0 | 33.0 | +25.9 | +367.9% |
| EBITDA margin as % of revenues | 2.3% | 8.5% | - | +6.2pts |
| Net income/(loss) | -6.6 | 20.6 | +27.2 | N.A. |
Showroomprivé co-founders and co-CEOs Thierry Petit and David Dayan commented on these results:
We have also used this half-year to continue to develop our new growth drivers, which will help increase profitability in the short and medium terms. SRP Media, whose purpose is to monetise the value of our membership and buyer assets, is growing as expected. The results of the marketplace, launched early in the year, are in line with our expectations, which were deliberately cautious in order to adjust our model in this area before stepping up the pace of its development over the coming half-years.
In a climate obviously characterised by more muted growth, due largely to the recovery of consumption in bricks and mortar outlets, but also to reduced availability of stocks among our partners, we plan to continue focusing our efforts on keeping our operating expenses on a tight rein in order to maintain a robust economic performance over the long term. All our teams are focused on this goal of creating sustainable value."
DETAILED COMMENTS BY INDICATOR TYPE
Revenues
| (€ thousand) | H1 2020 | H1 2021 | Variation |
| Internet revenues | |||
| France | 252,749 | 322,262 | +27.5% |
| International | 45,433 | 62,865 | +38.4% |
| Total Internet revenues | 298,181 | 385,127 | +29.2% |
| Other revenues | 4,552 | 3,145 | -30.9% |
| Net revenues | 302,733 | 388,272 | +28.3% |
Net revenues for the first half of 2021 were up by a sharp 28.3% compared with the first half of 2020 at €388.3 million. After a stellar first quarter, the Group managed to deliver double-digit growth (+13.7%) in the second quarter despite a more demanding comparison base, confirming the strong momentum and an offer that matches customers' expectations.
Online sales in France amounted to €322.3 million, up 27.5% over the half-year, driven by the core business of internet sales and thanks to the development of new growth drivers, including a good performance by SRP Media. The sanitary situation obviously had an impact on the ticketing/travel segment, where revenues remained low over the half-year. However, the activity picked up towards the end of the half-year as travel restrictions were gradually lifted. The Group launched its marketplace in the first half. Its contribution to revenues (commissions only) is still marginal, but is expected to increase gradually over the coming half-years.
Internationally, internet revenues grew by 38.4% to €62.9 million, benefiting from an enrichment of the offer and strong revenue generation by Saldi Privati in Italy.
Revenues from other activities (wholesale physical clearance of unsold inventory and online returns) amounted to €3.1 million. This non-strategic and relatively unprofitable revenue stream continues to vary from one quarter to the next, mainly because of one-off clearance operations launched by the Group on the physical market. Recent changes in the sales model have reduced residual volumes needing to be sold through this channel, thanks to better stock management and sale through digital channels.
Over the period, Showroomprivé continued the transition of its model towards dropshipping (up 6 points to 26% of sales), while seizing occasional opportunities for targeted purchases of firm stocks.
Key performance indicators
| H1 2020 | H1 2021 | Variation | |
| Gross Merchandise Volume (GMV)[2] | 444.1 | 527.7 | +18.8% |
| Cumulative buyers* (millions)[3] | 10.149 | 11.029 | +8.7% |
| Buyers** (millions)3 | 2.114 | 2.305 | +9.0% |
| of which repeat buyers*** | 1.7 | 1.9 | +9.2% |
| as % of total buyers | 83% | 83% | - |
| Number of orders (millions)3 | 6.413 | 7.404 | +15.5% |
| Revenue per buyer (IFRS)3 | 127.8 | 152.7 | +19.5% |
| Average number of orders per buyer | 3.0 | 3.2 | +5.9% |
| Average basket value | 42.1 | 47.5 | +12.8% |
* All buyers who have made at least one purchase on the Group's platform since its launch
** Member who made at least one order during the year
*** Member who made at least one order during the year and at least one order in prior years
GMV totalled €527.7 million, an increase of €83.6 million (+18.8%) compared with the first half of 2020.
The good momentum in terms of acquiring new members and converting them quickly into new buyers continued in the first half of 2021, with the number of buyers increasing by 9.0%, bringing the buyer base to a cumulative 2.3 million. This performance once again confirms Showroomprivé's ability to attract and convert new customers over the long term.
Similarly, the success of the policy of greater selectivity of the offer andits enrichment, already initiated in 2020 with the signing of new premium partner brands, has resulted in an increase in the average basket size of about €5 year on year to €47.5. The number of orders per buyer also increased by 5.9% over the period, boosting revenue per buyer by 19.5% to €152.7, compared with €127.8 a year earlier.
The acceleration of e-commerce penetration, a consequence of the health crisis, has confirmed its effects in terms of the transformation of new buyers from the previous year into repeat buyers during this half-year.
The Group again achieved a high degree of customer satisfaction and delivery quality during this period, helping strengthen its repeat customer base (NPS[4] of 49%, up from 43% in H1 2020).
Operating income
| (€ million) | H1 2020 | H1 2021 | Variation |
| Net revenues | 302.7 | 388.3 | +85.6 |
| Cost of goods sold | 190.4 | 230.7 | +40.3 |
| Gross margin | 112.4 | 157.6 | +45.2 |
| as % of revenues | 37.1% | 40.6% | +3.5pts |
| Marketing* | 7.7 | 10.9 | +3.1 |
| as % of revenues | 2.6% | 2.8% | +0.2pt |
| Logistics & fulfilment | 76.0 | 86.5 | +10.5 |
| as % of revenues | 25.1% | 22.3% | -2.8pts |
| General and administrative expenses | 30.3 | 35.2 | +4.9 |
| as % of revenues | 10.0% | 9.1% | -0.9pt |
| Total current operating expenses | 114.0 | 132.6 | +18.6 |
| as % of revenues | 37.7% | 34.2% | -3.5pts |
| Current operating income | -1.6 | 25.0 | +26.6 |
| EBITDA[5] | 7.0 | 33.0 | +25.9 |
| o/w France | 7.0 | 30.5 | +23.4 |
| o/w International | 0 | 2.5 | +2.5 |
* In accordance with AMF recommendations, the amortisation of intangible assets recognised during a business combination is presented under 'Current operating income' as marketing expenditure.
H1 2021 gross margin increased sharply by €45.2 million to €157.6 million. Gross margin accounted for 40.6% of revenues, versus 37.1% in H1 2020. This 3.5 point increase is in line with that seen in 2020, validating the lasting impact of the strategic decisions taken in previous years, namely:
- strict inventory control and more efficient returns management;
- increase in the online sales gross margin due to greater business selectivity, the quality of the offers proposed and a transition of the purchasing model towards dropshipping;
- ramp-up of high value-added growth drivers, in particular SRP Media;
- controlled level of low-margin wholesales.
This record gross margin performance for the first half came on a 3.5 point reduction in operating expenses to 34.2% of revenues, compared with 37.7% a year earlier, despite a logic increase in absolute terms in line with strong revenue growth.
The Group continues to manage its operating expenses rigorously in order to maintain high operating profitability:
- marketing expenditure maintained at a level close to that of the first half of 2020 at 2.8% of revenues, with targeted opportunities to acquire new customers. The good customer acquisition performance in H1 2021 is reflected in a good acquisition rate;
- reduction in the weight of logistic expenses to 22.3% of revenues (down 2.8 points), notably in the absence of additional costs in 2020 related to transport in a tense health climate. The Group is reaping the rewards of the streamlining of its logistic chain (storage warehouses and subcontractors). The transition of the model to dropshipping has also reduced the flow of orders through the Group's logistic networks and in turn the associated costs. In addition, the ramp-up of the new automated warehouse allows the absorption of new volumes with associated economies of scale;
- 0.9 point reduction in general and administrative expenses as a share of revenues thanks to control over the payroll and tightly managed hiring in line with specific needs to support business growth.
In this context, the Group achieved a performance in line with that recorded in the second half of 2020, with EBITDA for the first half of 2021 reaching €33.0 million, confirming the effectiveness of strategic initiatives on the Group's profitability.
After depreciation, amortisation and provisions, operating income before cost of share-based payments and other operating income and expenses amounted to €25 million, compared with a loss of €1.6 million for the same period in 2020.
Net income/(loss)
| (€ million) | H1 2020 | H1 2021 | Variation |
| Operating income before cost of share-based payments and other operating income and expenses | -1.6 | 25.0 | +26.6 |
| Other operating income and expenses | -3.7 | -2.7 | +1.0 |
| Operating income | -5.4 | 22.3 | +27.7 |
| Cost of financial debt | -0.3 | -0.4 | -0.1 |
| Profit before tax | -5.7 | 21.9 | +27.6 |
| Income tax | -0.9 | -1.3 | -0.4 |
| Net income/(loss) | -6.6 | 20.6 | +27.2 |
Other operating income and expenses (€2.7 million net expense) comprise sundry non-recurring expenses totalling €1.3 million (disputes, fees, impairments, etc.) and €1.4 million in costs of share-based payments.
Financial expenses remained under control at €0.4 million and the Group recorded a tax charge of €1.3 million.
As a result, the Group's net profit was €20.6 million, an improvement of more than €27.2 million compared with H1 2020.
Cash flow items
| (€ million) | H1 2020 | H1 2021 |
| Cash flows related to operating activities | 31.3 | 23.1 |
| Cash flows related to investment activities | -4.8 | -6.6 |
| Cash flows related to financing activities | 42.8 | -38.5 |
| Net change in cash and cash equivalents | 69.3 | -22.0 |
Cash flow from operating activities was €23.1 million in H1 2021, with cash flow of €29.8 million. Working Capital increased over the period with the seizing of targeted firm stock opportunities linked to the health situation.
These cash flows largely financed the net cash outflows on capital expenditure, mainly in R&D, inherent to the Group's activity, amounting to €6.6 million over the period. As such, the Group generated a positive free cash flow[6] of €16.5 million in the first half of 2021, strengthening its net cash position.
In light of this strong operating performance and the strengthening of its financial structure, the Group decided to repay the full amount of its €35 million state-guaranteed loan in June 2021. Cash flows related to financing activities totalled €38.5 million, including €0.6 million in interest payments.
Balance sheet
| ASSETS (€ million) | 31/12/2020 | 30/06/2021 | LIABILITIES (€ million) | 31/12/2020 | 30/06/2021 | |
| Total non-current assets | 215.1 | 212.0 | Total shareholders' equity | 177.0 | 198.1 | |
| Total current assets | 265.7 | 238.1 | Total non-current liabilities | 80.9 | 74.6 | |
| o/w Inventory | 60.9 | 72.1 | o/w Financial debt | 80.3 | 73.0 | |
| o/w Cash and cash equivalents | 130.8 | 108.8 | Total current liabilities | 222.9 | 177.4 | |
| o/w Financial debt | 39.6 | 8.0 | ||||
| Total assets | 480.8 | 450.1 | Total equity and liabilities | 480.8 | 450.1 |
Shareholders' equity stood at €198.1 million at 30 June 2021.
As at 30 June 2021, The Group has a solid gross cash and cash equivalents of €108.8 million. The repayment of the state-guaranteed loan in the first half reduced gross financial debt to €81 million as at 30 June 2021, 92% of which due in more than one year. Showroomprivé accordingly has a positive net cash position of €27.9 million.
Net financial debt included €17.3 million in lease liabilities (under IFRS 16) as at 30 June 2021. Without this accounting item, the net cash position would be €45.2 million.
The Group, which is continuing to reduce its debt, is in a sound financial position, enabling it to tackle the next stages of its roadmap with ambition and serenity.
OUTLOOK
This excellent first half confirms the Group's profitable growth trajectory and sets the stage for a strong year in 2021.
The Group is anticipating a slowdown in its business momentum in the third quarter, which could see a temporary change in trend based on a very demanding comparison base which could be amplified by the catch-up of orders between June and July in 2020 (cut-off effect) and a momentarily lower level of stock available in certain "non-fashion" segments, such as household appliances and electronics impacted by the shortage of electronic components. A return to a normalized level of the stock is expected once production and delivery capacities are fully restored.
With an offer regularly enriched and in complete harmony with the expectations of its target customer base, Showroomprivé remains perfectly positioned to take advantage of a favourable underlying trend linked to the growing and irreversible penetration of e-commerce in consumer habits. The Group accordingly intends to continue to actively pursue its development beyond the next quarter by leveraging:
- the power of its platform sustained by a strong membership base;
- continued action to attract and lock in major brands, particularly in the online businesses, in order to increase market share whilst controlling gross margin;
- the transition of the purchasing model towards dropshipping;
- continued development of its growth drivers, such as SRP Media, the new Marketplace, SRP Studio and a recovery in the Ticketing and Travel segment;
- strict control and continuous optimisation of operating expenses. The Group will focus on managing inventory, continued streamlining of logistics and the further ramp-up of the new automated logistics warehouse.
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UPCOMING INFORMATION
Q3 2021 revenue: 21th october 2021
FORWARD-LOOKING STATEMENTS
This press release solely contains summary information and is not intended to be detailed. This press release may contain forward-looking information and statements relating to the Group and its subsidiaries. These statements include financial projections and estimates and their underlying hypotheses, statements with respect to plans, to objectives and to expectations relating to operations that are still to come, to future revenues and services, and statements with respect to future performance. Forward-looking statements can be identified by the words "believe", "anticipate", "objective" or similar expressions. Even if the Group believes that the expectations reflected by such forward looking statements are reasonable, investors and shareholders of the Group are advised of the fact that the information and forward-looking statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally out of the control of the Group, which could imply that the effective results and events can differ significantly and in an unfavourable manner from those that are communicated, implied or indicated by this information and these forward looking statements. These risks and uncertainties include those that are advanced or identified in the documents filed or that are to be filed with the Financial Markets Authority by the Group (in particular those detailed in chapter 4 of the reference document of the Company). The Group does not take on any commitment to publish updates of the forward-looking information, this whether subsequent to new information, to future events or to any other element.
ABOUT showroomprive.com
Showroomprivé.com is a European player in event-driven online sales that is innovative and specialized in fashion. Showroomprivé proposes a daily selection of more than 3,000 partner brands over its mobile applications or its Internet site in France and in six other countries. Since its creation in 2006, the company has undergone quick growth.
Listed on the Euronext Paris market (code: SRP), Showroomprivé achieved a gross internet business volume[7] with all taxes included of more than 962 million euros in 2020, and net revenue of 698 million euros. The Group employs more than 950 people.
For more information: https://www.showroomprivegroup.com
Contacts
| Showroomprivé | ACTUS finance & communication |
| Sylvie Chan Diaz, Investor relations | Grégoire Saint-Marc, Investor relations |
| investor.relations@showroomprive.net | showroomprive@actus.fr |
| +33 1 53 67 36 94 | |
| Priscilla Le Minter, Communication | Manon Clairet, Press Relations |
| priscilla.leminter@showroomprive.net | mclairet@actus.fr |
| +33 1 76 21 50 16 | +33 1 53 67 36 73 |
APPENDICES
INCOME STATEMENT
| (€ thousands) | H1 2020 | H1 2021 | Change | |||
| Net revenues | 302,733 | 388,272 | 28.3% | |||
| Cost of goods sold | -190,360 | -230,670 | 21.2% | |||
| Gross margin | 112,373 | 157,602 | 40.2% | |||
| Gross margin as % of revenues | 37.1% | 40.6% | +3.5pts | |||
| Marketing1 | -7,721 | -10,868 | 40.8% | |||
| As % of revenues | 2.6% | 2.8% | +0.2pt | |||
| Logistics & fulfilment | -75,997 | -86,511 | 13.8% | |||
| As % of revenues | 25.1% | 22.3% | -2.8pts | |||
| General & administrative expenses | -30,297 | -35,234 | 16.3% | |||
| As % of revenues | 10.0% | 9.1% | -0.9pt | |||
| Total Opex | -114,015 | -,132,614 | 16.3% | |||
| As % of revenues | 37.7% | 34.2% | -3.5pts | |||
| Current operating profit | -1,642 | 24,989 | N.A | |||
| Other operating income and expenses | -3,726 | -2,669 | -28.4% | |||
| Operating profit | -5,368 | 22,319 | N.A | |||
| Net finance costs | -354 | -581 | 64.2% | |||
| Other financial income and expenses | 26 | 139 | 426.9% | |||
| Profit before tax | -5,695 | 21,878 | N.A | |||
| Income taxes | -896 | -1,317 | 47.0% | |||
| Net income | -6,591 | 20,560 | N.A | |||
| EBITDA | 7,049 | 32,981 | 367.9% | |||
| EBITDA as % of revenues | 2.3% | 8.5% | +6.2pts | |||
1 In compliance with the recommendations of the AMF, amortization of intangible assets recognized upon business combinations is indicated in the "Current Operating Income" within marketing expenses
PERFORMANCE INDICATORS 1
| H1 2020 | H1 2021 | Variation | |
| CUSTOMERS METRICS | |||
| Cumulative buyers (in thousands) | 10,149 | 11,029 | 8.7% |
| France | 8,023 | 8,700 | 8.4% |
| International | 2,126 | 2,329 | 9.5% |
| Buyers (in thousands) | 2,114 | 2,305 | 9.0% |
| France | 1,718 | 1,868 | 8.7% |
| International | 395 | 437 | 10.4% |
| Revenue per Buyers (€) | 127,8 | 152.7 | 19.5% |
| France | 131,2 | 155.1 | 18.3% |
| International | 113,0 | 142.2 | 25.8% |
| ORDERS | |||
| Total orders (in thousands) | 6,413 | 7,404 | 15.5% |
| France | 5,229 | 6,000 | 14.7% |
| International | 1,183 | 1,404 | 18.7% |
| Average Orders per Buyer (in number of orders) | 3.0 | 3.2 | 5.9% |
| France | 3.0 | 3.2 | 5.5% |
| International | 3.0 | 3.2 | 7.5% |
| Average Basket Size | 42.1 | 47.5 | 12.8% |
| France | 43.1 | 48.3 | 12.0% |
| International | 37.8 | 44.2 | 17.1% |
1 Excluding Beautéprivée
BALANCE SHEET
| (€ thousands) | 31/12/2020 | 30/06/2021 |
| NON-CURRENT ASSETS | ||
| Goodwill | 123,685 | 123,685 |
| Other intangible assets | 51,341 | 50,131 |
| Tangible assets | 38,805 | 36,658 |
| Other non-current assets | 1,271 | 1,566 |
| Total non-current assets | 215,102 | 212,040 |
| CURRENT ASSETS | ||
| Inventory | 60,924 | 72,066 |
| Accounts receivable | 20,307 | 16,203 |
| Deferred tax assets | 1,873 | 1,565 |
| Other current assets | 51,772 | 39,439 |
| Cash and cash equivalents | 130,833 | 108,840 |
| Total current assets | 265,708 | 238,114 |
| Total assets | 480,811 | 450,153 |
| Long term financial debt | 80,289 | 72,962 |
| Obligations to personnel | 147 | 147 |
| Other provisions | 439 | 607 |
| Deferred taxes | - | 620 |
| Total non-current liabilities | 74,336 | |
| Short-term financial debt | 39,593 | 7,989 |
| Accounts payable | 132,205 | 125,351 |
| Other current liabilities | 51,115 | 44,332 |
| Total current liabilities | 222,913 | 177,672 |
| Total liabilities | 303,788 | 252,008 |
| Total shareholders' equity | 177,023 | 198,145 |
| Total liabilities and shareholders' equity | 480,811 | 450,153 |
CASH FLOWS
| (€ thousands) | H1 2020 | H1 2021 |
| Net income for the period | -6,591 | 20,560 |
| Adjustments for non-cash items | 11,110 | 9,227 |
| Cash flow from operations before finance costs and income tax | 4,519 | 29,787 |
| Elim of accrued income tax expense | 896 | 1,317 |
| Elim of cost of net financial debt | 353 | 581 |
| Impact of change in working capital | 27,023 | -7,828 |
| Cash flow from operating activities before tax | 32,790 | 23,858 |
| Income tax paid | -1,487 | -746 |
| Cash flow from operating activities | 31,303 | 23,112 |
| Impact of changes in perimeter | - | - |
| Acquisitions of property plant & equipment and intangible assets | -4,893 | -6,620 |
| Changes in loans and advances | 62 | -338 |
| Acquisition (disposal) of financial assets | 1 | - |
| Sale of tangible and intangible assets | - | 312 |
| Net cash flows from investing activities | -4,830 | -6,646 |
| Capital increase | - | 72 |
| Transaction on own shares | -45 | -159 |
| Increase in share capital and share premium reserves | - | - |
| Issuance of indebtedness | 45,000 | - |
| Repayment of borrowings | -1,766 | -37,821 |
| Net interest expense | -342 | -647 |
| Other flows from financing activities | ||
| Net cash flows from financing activities | 42,847 | -38,546 |
| Net change in cash | 69,283 | -21,993 |
RECONCILIATION OF THE EBITDA
| (€ thousand) | H1 2020 | H1 2021 |
| Net result | -6,591 | 20,560 |
| Am. of intangible assets recognized on the occasion of a business combination | 567 | 567 |
| Am. and dep. fixed assets | 8,124 | 7,425 |
| of which depreciation in Logistics and order processing | 2,462 | 2,274 |
| of which depreciation in General and administrative expenses | 5,662 | 5,151 |
| Cost of share-based payments | 611 | 1,403 |
| Non-recurring items | 3,115 | 1,266 |
| Cost of financial debt | 354 | 581 |
| Other financial income and expenses | -26 | -139 |
| Income tax | 896 | 1,317 |
| EBITDA | 7,049 | 32,981 |
RECONCILIATION DE LA GMV
| (€ thousand) | H1 2020 | H1 2021 |
| Gross Internet Sales | 433,549 | 515,391 |
| VAT | -68,419 | -82,123 |
| Revenue Recognition Impact | -71,164 | -55,275 |
| Non-Internet Revenue & Other | 8,767 | 10,279 |
| Net Revenues IFRS | 302,733 | 388,272 |
| (€ thousand) | H1 2020 | H1 2021 |
| Gross Internet Sales | 433,549 | 515,391 |
| Other Services and Other Revenues | 10,520 | 12,334 |
| Gross Merchandise Volume | 444,070 | 527,725 |
[1] EBITDA, according to the definition used by the Company, is obtained by deducting from net income: the amortisation of assets recognised following a business combination; amortisation and depreciation of intangible assets and property, plant and equipment; the costs of share-based payments, including the expense arising from expensing the fair value of bonus shares and stock options granted to employees over the vesting period; other non-recurring operating income or expenses, net cost of debt and other financial income and expenses, and the tax expense for the year.
[2] Gross Merchandise Volume (GMV) is the total amount of transactions invoiced, including all taxes. It therefore comprises gross online sales, including sales on the Marketplace, other services and other revenues.
[3] Excluding Beautéprivée.
[4] Net promoter score - indicator of customer loyalty
[5] EBITDA, according to the definition used by the Company, is obtained by deducting from net income: the amortisation of assets recognised following a business combination; amortisation and depreciation of intangible assets and property, plant and equipment; the costs of share-based payments, including the expense arising from expensing the fair value of bonus shares and stock options granted to employees over the vesting period; other non-recurring operating income or expenses, net cost of debt and other financial income and expenses, and the tax expense for the year
[6] Free cash flow is obtained by the sum of cash flow from operating activities and cash flow from investing activities
[7] Gross Merchandise Volume (GMV) is the total amount transactions invoiced, including all taxes. It therefore includes gross online sales, including sales on the Marketplace, other services and other revenues.
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