Mister Spex Announces Modest Revenue Growth in Q1 2024

In the first quarter of 2024, Mister Spex reported a revenue increase of 2% across the group, with a notable 5% rise in Germany. Total sales reached €51.1 million. Despite the slow pace of consumer sentiment improvement in Germany, the company reaffirms its financial guidance for the year.

The performance in specific product categories was influenced by an earlier Easter and favorable weather, which boosted demand for sunglasses, leading to a 9% growth in the category. However, the earlier Easter negatively impacted prescription glasses sales, which saw a slight decline. The contact lens segment recovered, marking a 2% increase after a significant decline in the previous year.

Internationally, revenue dipped by 8%, primarily due to underperformance in the Scandinavian market, Switzerland, and the UK. Adjusted EBITDA remained stable year-on-year at -3.2% of revenues. Despite challenges, operational efficiencies were noted, particularly in personnel costs which improved by 5%.

Mister Spex confirms it will continue to develop its store operations and roll out its new EyeD Technology. The company expects continued revenue growth in the low to mid-single-digit percentage range and a positive adjusted EBITDA margin for 2024.