Mister Spex Confirms Guidance and reports 2% Like-for-Like Growth in Core German Market
- 30. Jan. 2025
- Net revenue for 2024 declined by 3% to approximately € 216 million, primarily due to the impact of international store closures in the fourth quarter, in line with the guidance range of € 210 million to € 230 million.
- Like-for-like growth of 2%.
- Adjusted EBITDA margin remained within the guidance range of +1% to -4% for the year.
- Cash balance exceeded € 70 million at the end of the year.
- Average order value (AOV) for prescription glasses increased by 12% year-over-year.
- Outlook for 2025 will be published on 27th March with the annual report.
In 2024, Mister Spex SE launched the SpexFocus transformation and restructuring program, which significantly impacted the second half of the year. Notable achievements included substantial progress in transformation initiatives, optimizing its store network through the closure of all international locations, fundamental repositioning of the brand, consistent reduction in promotional and discount activities. However, business performance was negatively impacted by external challenges, such as subdued consumer sentiment and unfavourable weather conditions.
According to preliminary and unaudited figures, in 2024, net revenue amounted to approximately € 216 million and landed near the midpoint of the guidance range with 3% reduction in comparison to previous year. The adjusted EBITDA, as expected, turned negative but remained within the guidance range. This was due to ongoing transformation efforts, cost pressures, and the phase-out of heavy discounting practices.
Resilient Like-for-Like Growth in the German Core Market
In the first half of the year, net revenue grew by 1%, driven by robust growth of 4% in Germany, which fully offset a 7% decline in the International Segment. Net revenue declined in the second half of the year due to strategic decision to significantly reduce discounts, increase prices and close all international stores by year-end. As a result, net revenues turned negative for both segments, Germany and International.
Nonetheless, the German brick and mortar business has continued to demonstrate stability, finishing the year with like-for-like growth of 2%. This performance highlights the resilience and importance of the German store network.
“2024 was a pivotal year for Mister Spex. With SpexFocus, we took decisive steps to future-proof our business model and lay the foundation for long-term profitability. Despite the challenges inherent in a comprehensive transformation, we successfully met our guidance while making significant progress – particularly in our core German market. This underscores the resilience of our business model and the continued relevance of our omnichannel strategy”, said Stephan Schulz-Gohritz, Chairman of the Management Board at Mister Spex.
Prescription Glasses and SpexPro as Key Growth Drivers
One of the key pillars of SpexFocus has been a laser-sharp focus on communicating optical expertise, expanding the lens portfolio through the introduction of SpexPro, and positioning Mister Spex as an optician for life. In the last quarter of 2024, a significant adjustment has already been made to the overall lens portfolio with the launch of SpexPro in September. This shift has contributed to an 12% increase in average order value (AOV) for the year, with a 30% rise in the fourth quarter alone.
In 2025, Mister Spex SE will continue executing the transformation measures outlined in SpexFocus. Key priorities include improving the profitability of brick-and-mortar stores in Germany, streamlining overhead costs, strengthening the brand and optical expertise, and, most importantly, improving company’s cash flow. At the end of 2024, the cash balance exceeded € 70 million.
Further details, including the audited results for 2024 and the outlook for 2025, will be published on March 27, 2025.
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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