Mister Spex outperforms the market in the third quarter with 18% revenue growth and continues the execution of “Lean 4 Leverage” efficiency program
- 10. Nov. 2022
- Strong revenue growth to 58 million euros
- The growth has been underpinned by strong brick-and-mortar sales of +13% [a]
- Accelerated growth of 16% in prescription glasses and 36% in sunglasses
- Mister Spex confirms the guidance for the fiscal year 2022
Despite a volatile environment and declining consumer confidence in Germany, Mister Spex SE (MRX), Europe’s leading digitally-driven omnichannel optician, increased its revenue by 18% to 58 million euros in the third quarter of 2022 (Q3 2021: 49 million euros). Mister Spex continues to benefit from its omnichannel model with continuously strong growth in sunglasses and prescription glasses which grew by 36% and 16% respectively. Third quarter 2022 marks an accelerated development from second quarter of 2022, where sales from sunglasses increased by 11% and prescription glasses grew by 2%. Based on GfK market data, the optical market declined by 11% in July and August [b], while Mister Spex grew by 19% within the same time period. This shows that Mister Spex has once again clearly outperformed the market.
Strong growth in core market despite challenging environment
Revenue in Germany increased by 22% compared to the previous year. Growth is supported by the recovery of the physical retail stores, which grew by 13% in the like-for-like period. [a] Mister Spex continued to expand its store footprint with four new store openings in the third quarter of 2022.
Dirk Graber, founder and Co-CEO of Mister Spex, says: “We continue to witness complicated geopolitical and macroeconomic environment which as a result impacts consumer sentiment. This makes it very hard to assess the effects on consumption for our product categories. Nonetheless, we continue to benefit from high brand awareness and always seamless customer experience with our omnichannel model which allows us to continue gaining new customers and growing our average order value.”
Efficiency program “Lean 4 Leverage” starts to deliver first results
At the beginning of September, Mister Spex initiated the “Lean 4 Leverage” program to substantially increase profitability. It centers around three pillars: concentrate on the core, optimize pricing and product mix, and reassess overhead costs. Mirko Caspar, Co-CEO of Mister Spex: “We see very good progress in all areas. I am particularly pleased that we have already been able to expand our range in the private label and luxury segment and that the luxury and independent brands have found their home in our Mister Spex BOUTIQUE.”
Confirmation of the full year 2022 guidance
Despite the highly uncertain environment, Mister Spex is strongly positioned in the market and confirms its outlook for fiscal year 2022. Management expects revenue growth between 7% and 12%, assuming no further restrictions from COVID-19 or geopolitical uncertainties in the fourth quarter 2022. The management expects an adjusted EBITDA margin of -6% to -3% for the current financial year.
The quarterly report and further information for analysts and investors are available on the Mister Spex Investor Relations website. The results for the year 2023 will be published on March 29th 2023.
[a] LFL 2020 store panel: All stores before and including 2020.
[b] Based on GfK data for sunglasses, frames and prescription lenses in sales value (%). On the date of publishing only July and August data available.
|Group Income Statement in EUR k||Non-financial KPIs|
|Q3 2022||Q3 2021||Change||Q3 2022||Q3 2021||Change|
Active Customers3 (in thousands)
Number of Orders4
Average Order Value5 (in EUR)
|Gross profit margin1||47.1%||46.0%||110bp||
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.
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 2021 of Mister Spex, which is available at https://ir.misterspex.com/.
Contact details for journalists:
Mister Spex Corporate Communication
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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