Mister Spex Confirms Financial Results for H1 2024 Released on 15th August and highlights 4% like-for-like growth in Germany in Q2
- 29. Aug. 2024
- Net Revenue: Mister Spex achieved a net revenue of €119 million, reflecting a growth of 1% in the first half of 2024 and an additional 1% in Q2 2024.
- Adjusted EBITDA: The adjusted EBITDA showed a slight decline of €0.8 million for H1 2024, with support from a €0.8 million improvement in Q2 2024, underscoring the company’s ongoing efforts to optimize its operations.
- Strong Performance in Germany: The German market continued to perform robustly, contributing a 4% increase in net revenue and adding €1.1 million to the adjusted EBITDA in H1 2024.
Mister Spex SE (MRX), Europe’s leading omnichannel optician, has reported a 1% growth for the Group, achieving sales of € 67.6 million in the second quarter of 2024. The physical retail network achieved a 4% like-for-like growth in Q2 2024 compared to the same period last year. Germany has contributed significantly with 4% like-for-like growth in Q2 2024.
Further Strong Growth in the Core Market of Germany
In the second quarter of 2024, Mister Spex continued to demonstrate robust performance in its core market of Germany. The German segment saw impressive growth, with prescription glasses sales increasing by 11%, supported by a positive calendar impact, as well as the company’s strong brand presence and customer loyalty in this key market. Sunglasses sales, however, decreased by 2% due to mixed weather patterns. The brick-and-mortar segment continued to grow, with a like-for-like increase of 4% in the second quarter of 2024.
Strategic updates and outlook
Mister Spex has started the execution of its restructuring and transformation program, SpexFocus, which aims to deliver over €20 million in EBITDA savings, including rent, by 2025 and 2026. This program is expected to impact cash flow in H2 2024, with approximately €9 million in one-off cash expenses.
The company’s rebranding efforts, which started in August, is intended to further strengthen the company’s market position by focusing on high-quality optical expertise, technological advancements in services and shopping experiences, and an exclusive assortment portfolio. A few days ago, the company launched a new sports eyewear collection which includes both sunglasses and prescription glasses, Mister Spex is entering the rapidly growing category of sports eyewear, a segment that is witnessing substantial growth both locally and globally. Europe, including Germany, currently holds the largest market share for sports eyewear, accounting for around 32 % of the global market. Within this market, Germany plays a pivotal role, significantly contributing to the region’s overall market share [1]. The launch reinforces the company’s strategic objective of successfully positioning Mister Spex in growth segments and thereby further enhancing its profitability.
“We have launched our transformation and restructuring program, SpexFocus, with the clear objective of securing sustainable and profitable growth for our company. We are convinced that the measures we are now implementing will not only position us for sustainable profitable growth but also further strengthen our competitiveness online and offline. We will continue to offer our customers the best service, the highest quality, and a unique shopping experience, thereby further expanding our market leadership as a leading omnichannel optician in Europe” said Stephan Schulz-Gohritz, Chairman of the Management Board and CFO of Mister Spex.
Looking ahead, Mister Spex has adjusted its 2024 guidance as follows:
- Net Revenue: Expected to be between €210-230 million.
- Adjusted EBITDA Margin: Projected to be within a range of -4% to +1%.
The quarterly report and further information for analysts and investors are available on the Mister Spex Investor Relations website.
[1] Source: “Europe Sports Eyewear Market (2024-2030) | Trends, Outlook & Forecast” by 6Wresearch (6Wresearch).
| Group Income Statement in € k
|
Non-financial KPIs | |||||||||
| Q2 2024 | Q2 2023 | Change | Q2 2024 | Q2 2023 | Change | |||||
| Revenue | 67,599 | 67,059 | 1% |
Active Customers3 (in thousands)
|
1,697 | 1,735 | -2% | |||
| Revenue DE | 51,837 | 50,173 | 3% |
Number of Orders4
|
645 | 696 | -7% | |||
| Revenue INT | 15,762 | 16,887 | -7% |
Average Order Value5 (in €)
|
97.6 | 94.6 | 3% | |||
| Gross profit1 | 32,917 | 32,652 | 1% |
|
||||||
| Gross profit margin1 | 48.7% | 48.7% | 0bp |
|
||||||
| Adjusted EBITDA2 | 836 | 2,300 | -64% |
|
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Revenue by product category and segment.
| Germany | International | Total | ||||
| in € k | Q2 2024 | Q2 2023 | Q2 2024 | Q2 2023 | Q2 2024 | Q2 2023 |
| Revenue | ||||||
| Prescription glasses | 18,979 | 17,111 | 2,959 | 2,703 | 21,938 | 19,813 |
| Sunglasses | 21,790 | 22,324 | 7,241 | 8,035 | 29,031 | 30,359 |
| Contact lenses | 10,107 | 9,743 | 5,403 | 5,916 | 15,509 | 15,659 |
| Total products | 50,876 | 49,178 | 15,603 | 16,654 | 66,479 | 65,832 |
| Other services | 961 | 846 | 171 | 159 | 1,045 | 1,006 |
| Total | 51,837 | 50,173 | 15,762 | 16,887 | 67,599 | 67,059 |
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.
Contact details for journalists:
Mister Spex Corporate Communication
press@misterspex.de
About Mister Spex:
Founded in 2007, Mister Spex SE (together with its subsidiaries, “Mister Spex”) is a multi-award-winning company that has become the leading digitally native 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 7.1 million customers, 10 online shops across Europe and physical retail stores. A digital native, technology and innovation have always been an integral part of the company’s evolution, from 2D to 3D digital frame fitting tools to intelligent browsing functionalities. The focus of Mister Spex is to make eyewear purchase for customers an easy, transparent and fun shopping experience by combining a comprehensive and varied range of high-quality products with optician expertise and services through its customer service, own stores and an extensive network of partner opticians.
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