Mister Spex acheives Q1 sales growth of 2 percent

Omnichannel optician Mister Spex reported a 2 percent growth in the first quarter achieving sales of 51.1 million euros.

The company said that the development in the key product categories was impacted by an earlier Easter, which negatively affected the number of working days and therefore, the production of prescription glasses.

Commenting on the first quarter trading and outlook, Dirk Graber, CEO of Mister Spex SE, stated: "While the first quarter of 2024 presented challenges, we are excited by what lies ahead. In 2024 we will create more value for our customers by expanding the existing assortment and offering additional services both online and offline.”

Prescription glasses sales declined 1 percent for the quarter, while sunglasses generated 9 percent growth, with double-digit growth in February and March. The contact lens category recorded 2 percent growth, rebounding from 11 percent decline in the first quarter 2023.

Germany, the company added, posted a 5 percent growth in the first quarter, fuelled by 11 percent growth in sunglasses, 14 percent growth in contact lenses, and flat sales in prescription glasses.

The revenue in the international segment declined by 8 percent, predominantly driven by the Scandinavian entities, Switzerland, and the UK, which could only be partially compensated by positive development in the Netherlands.

From a category perspective, the performance was almost fully driven by lower contact lenses revenues, which constitute approximately 41 percent of the total revenue for the segment.

The adjusted EBITDA remained roughly flat at negative 3.2 percent of revenues, while the gross profit margin declined.