In Q1 2024, Mister Spex reports 2% revenue growth for the Group and 5% for Germany

Berlin, 8 May 2024

In Q1 2024, Mister Spex reports 2% revenue growth for the Group and 5% for Germany

• Mister Spex achieved net sales of €51.1 million in the first quarter of 2024, marking a 2% growth year-on-year
• Consumer sentiment in Germany remains subdued, while the improvement continues at a slow pace
• The earlier timing of Easter as well as warm weather, have impacted performance in the key categories in the first quarter
• Mister Spex reconfirms guidance for 2024

Mister Spex SE (MRX), Europe's leading digitally-driven omnichannel optician, has reported a 2% growth for the Group, achieving sales of €51.1 million in the first quarter of 2024. According to the monthly GfK ("Gesellschaft für Konsumgüterforschung") Consumer Sentiment Index, improvement continues at a slow pace in Q1 2024; however, it remains subdued.

Calendar and weather impact key category development in the first quarter of 2024

The development in the key product categories was impacted by an earlier Easter, which negatively affected the number of working days and, therefore, the production of prescription glasses. Prescription glasses sales have consequently experienced a negative development in March, following 4% growth in the first two months of the year, resulting in -1% for the quarter. Sunglasses had an accelerated growth from last year, generating 9% growth in the first quarter, with double-digit growth in February and March. The acceleration in sunglasses in the first quarter of 2024 was particularly due to good weather conditions and earlier Easter holidays, which positively impacted consumer demand for outdoor activities and products. The contact lens category recorded 2% growth, rebounding from 11% decline in the first quarter 2023.

The segment reporting was impacted by calendar effects and declining business in the International segment

Germany posted a 5% growth in the first quarter. The first two months of the year saw robust single-digit growth. However, this momentum was dampened by the earlier Easter, resulting in fewer working days and declining sales in prescription glasses in March. As a result, revenues in Germany increased in total by 5% against a first quarter in 2023, fuelled by 11% growth in sunglasses, 14% growth in contact lenses, and flat sales in prescription glasses.

The revenue in the International segment declined by 8%, predominantly driven by the Scandinavian entities, Switzerland, and the UK, which could only be partially compensated by positive development in the Netherlands. From a category perspective, the performance in the first quarter was almost fully driven by lower contact lenses revenues, which constitute approximately 41% of the total revenue for the segment.

Profitability remains at the previous year's level

The adjusted EBITDA has remained roughly flat year-on-year at -3.2% of revenues in the first quarter of 2024. While the gross profit margin has declined due to a lower contribution from prescription glasses in the overall mix, the operating cost profile has improved in the first quarter of 2024. Personnel expenses, adjusted for non-cash IFRS2 adjustments, have improved by 5% year-on-year. This improvement is especially noteworthy given there were 4 additional stores this quarter.

FY 2024 Guidance is confirmed

In 2024, Mister Spex will focus its efforts on improving the store operating model of the existing store portfolio and the rollout of company’s innovative and unique Mister Spex EyeD Technology. Dirk Graber, CEO of Mister Spex SE, stated, "While the first quarter of 2024 presented challenges, we are excited by what lies ahead. In 2024 we will create more value for our customers by expanding the existing assortment and offering additional services both online and offline.”

Mister Spex reiterates its outlook for fiscal year 2024. Management expects revenue growth in the low to mid-single-digit percentage range and a positive adjusted EBITDA margin in the low single-digit percentage range.

The quarterly report and further information for analysts and investors are available on the Mister Spex Investor Relations website. The results for the first half-year 2024 will be published on August 29^th 2024.  

Revenue by product category and segment.

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.

²⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.  

³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

About Mister Spex SE:

Founded in 2007, Mister Spex SE (together with its subsidiaries, "Mister Spex") is a multi-award-winning company that has become the leading digitally-driven omnichannel optician in Europe. Mister Spex has been at the forefront of the industry’s transformational shift, growing from a pure online player into a successful omnichannel optician with more than 6.6 million customers and 10 online shops across Europe, as well as brick-and-mortar retail stores. As a digital native, technology and innovation have always been integral parts of the company’s evolution, from 2D to 3D digital frame fitting tools to intelligent browsing features. Mister Spex focusses on making purchasing glasses a shopping experience that is simple, transparent and, at the same time, fun for customers – offering a comprehensive and diverse range of high-quality products in combination with extensive expertise in optics and advice from the customer service team, its own branches and an extensive network of partner opticians.

Investor Relations:

Irina Zhurba I Head of Investor Relations I irina.zhurba@misterspex.de

Mister Spex SE 

Hermann-Blankenstein-Straße 24  
10249 Berlin
Website: www.misterspex.de  
Corporate Website: https://corporate.misterspex.com

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2022 of Mister Spex, which is available at https://ir.misterspex.com/.