Mister Spex H1 revenues grow 8 percent, reiterates outlook

Digital optician Mister Spex SE reported an 8 percent revenue growth to 117 million euros in the first six month period. Revenues grew by 10 percent in the second quarter, with Germany segment growing at 14 percent. Adjusted EBITDA for the quarter rose to 2.3 million euros.

The company's second quarter benefited from a positive development in all non-financial performance indicators with the number of orders and number of active customers increasing by 1 percent, while the average order value increased by 10 percent.

Commenting on the trading results, Mirko Caspar, co-CEO of Mister Spex SE said: "I am very happy that we saw a positive average order value development across all products. Our focus on our high value boutique brands has paid off and our customers were more interested in the latest fashion instead of discounts.”

Mister Spex confirms FY23 outlook

The company said in a statement that the revenue surge was assisted by the opening of six new stores in 2023, extending the company’s retail footprint to 74 outlets. The physical retail network achieved an 11 percent like-for-like growth compared to the same period last year.

In the company’s German segment, sunglasses and prescription glasses achieved growth of 21 percent and 16 percent respectively. The company added that a deliberate change in emphasis to focus on gross margin, led to an 8 percent decline in contact lens sales.

Reiterating its outlook for fiscal 2023, the company said revenue growth is expected in the mid to high single-digit percentage range and a positive adjusted EBITDA margin in the low single-digit percentage range.

Mister Spex expects revenue growth to be supported by slight increases in the number of orders, average order value and number of active customers. In 2023, the management expects to open up to 10 new stores.

“We have taken the right measures with our efficiency program ‘Lean 4 Leverage’, which are now having an impact. I am confident that we will achieve our goals this year,” added Dirk Graber, founder and Co-CEO of Mister Spex SE.