Mister Spex posts 6 percent increase in Q1 revenue

European omnichannel optician, Mister Spex SE increased its revenue by 6 percent to 47 million euros in the first quarter of 2022. On a two-year stack, revenues increased by 35 percent.

The company said in a release that despite an all-time high comparison base from last year, soaring inflation and record high infection rates in central Europe depressing consumer sentiment, Mister Spex continued its growth course.

Commenting on the first quarter results, Dirk Graber, founder and co-CEO of Mister Spex SE said: “The increase confirms our market leading position in the optical industry in Germany. I am particularly pleased that, despite the continuing deterioration in consumer sentiment, we were able to increase the number of active customers by 7 percent to 1.7 million in the first quarter.”

Review of Mister Spex’s Q1 trading performance

The company added that the increase was driven by 13 percent growth in the contact lenses category and 8 percent growth in sunglasses. Sunglasses revenues were up 110 percent on a two-year stack on the back of increased travel activity by customers as well as an attractive product offering.

Revenue in the prescription glasses category was flat compared to prior year. While the performance in stores continued to recover, high sick rates of employees related to COVID-19 in retail and logistics resulted in a performance below expectations.

“We believe in our omnichannel concept, continue to invest in the expansion of our store network and in marketing activities that increasingly focus on our brick-and-mortar store network,” added Mirko Caspar, co-CEO of Mister Spex SE.

In May, Mister Spex will open four new stores in Germany and one in Malmö, Sweden. By the end of the year, a total of around 20 new stores are planned to be added.

Adjusted EBITDA in the quarter was down to negative 4.6 million euros compared to the previous year’s 0.7 million euros.

For fiscal year 2022, management expects moderate double-digit revenue growth that will be slightly higher than the growth rate of 18.2 percent in the prior year, an increase in adjusted EBITDA compared to 4.1 million euros in 2021.