Mister Spex Releases Preliminary 2023 Financials and Q3 Details

Mister Spex SE reported total revenue of €60 million for Q3 2023, a 2% increase year-on-year. The company achieved positive adjusted EBITDA of €0.2 million (0.4% margin) for the second consecutive quarter. Nine-month revenues grew by 6%, driven by a 10% increase in Germany, while gross margins rose to 49.1%. Adjusted EBITDA for the first nine months reached a profit of €0.9 million, contrasting with a loss in the prior year. Despite headwinds from reduced consumer sentiment and unseasonal weather affecting prescription glasses sales (-3%) and sunglasses growth (+4%), Mister Spex confirmed its full-year 2023 guidance. Management expects mid-to-high single-digit revenue growth and a low single-digit positive adjusted EBITDA margin, supported by efficiency measures and an average order value increase of 10%.

Based on preliminary and unaudited data, Mister Spex SE reported a 6% revenue increase to €223 million in 2023, up from €210 million in 2022. The company confirmed its guidance range of mid-high single-digit growth and expects a positive adjusted EBITDA margin in the low single-digit percentage. Fourth-quarter revenue rose 7% year-on-year, driven by a 10% increase in Germany and a 10% rise in Average Order Value (AOV), particularly in prescription glasses which saw a 13% AOV increase. Like-for-like sales grew by 3%. Mister Spex expanded its retail footprint by opening seven stores in Germany and one in Austria, reaching a total of 75 stores. Prescription glasses revenue grew 10%, while sunglasses increased by 13%. Audited results and the 2024 outlook are scheduled for publication on March 27, 2024.

Mister Spex SE announced its full-year 2023 financial results, reporting a 6% increase in net revenue to €224 million. The company achieved an Adjusted EBITDA of €0.9 million, marking a year-on-year improvement of approximately €9 million. Growth was driven by a 10% revenue increase in Germany and strong performance in prescription glasses (10% growth) and sunglasses (13% growth). Average order value rose by 7%, while gross margin improved to 50.6%. Despite low consumer sentiment, Mister Spex gained market share against a German eyewear market growth of approximately 3%. For 2024, the company projects low to mid-single-digit percentage revenue growth and a positive low single-digit Adjusted EBITDA margin, focusing on product portfolio extensions and AI technologies.