Mister Spex reports 18 percent increase in Q3 revenue

Despite a volatile environment and declining consumer confidence in Germany, Mister Spex SE said that the company increased its revenue by 18 percent to 58 million euros in the third quarter of 2022.

The company added that Mister Spex continues to benefit from its omnichannel model with continuously strong growth in sunglasses and prescription glasses which grew by 36 percent and 16 percent respectively.

Commenting on the trading performance, Dirk Graber, founder and Co-CEO of Mister Spex, said: “We continue to witness a 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,” Graber added.

The company further said that the third quarter 2022 marks an accelerated development from the second quarter of 2022, where sales from sunglasses increased by 11 percent and prescription glasses grew by 2 percent. Based on GfK market data, the optical market declined by 11 percent in July and August, while Mister Spex grew by 19 percent within the same time period.

The company’s revenue in Germany increased by 22 percent compared to the previous year supported by the recovery of the physical retail stores, which grew by 13 percent in the like-for-like period. Mister Spex added four new stores in the third quarter of 2022.

Despite the highly uncertain environment, Mister Spex expects revenue growth between 7 percent and 12 percent, assuming no further restrictions from COVID-19 or geopolitical uncertainties in the fourth quarter 2022. The management expects an adjusted EBITDA margin of negative 6 percent to negative 3 percent for the current financial year.