Mister Spex revenues increase by 6 percent in 2023

Revenue at Mister Spex for the year increased by 6 percent to 224 million euros within the company’s guidance range of mid to high single digit percentage growth.

The company said in a release that the strong growth was driven by key product categories, sunglasses and prescription glasses with the core market, Germany, being the key driver behind the strong revenue growth in 2023.

The company’s adjusted EBITDA margin achieved the outlook of low single-digit percentage range, with 0.4 percent or 0.9 million euros in 2023 which is a 9.2 million euros improvement year-on-year.

Commenting on the trading update, Dirk Graber, CEO of Mister Spex said: “Mister Spex had a successful year in 2023 by growing market share and adjusted EBITDA despite challenging market conditions.”

In 2023, the eyewear market in Germany showed an overall growth of approximately 3 percent and Mister Spex continued to increase revenue, growing by 6 percent overall and by 10 percent in Germany. The overall growth was achieved by strong like-for-like revenue of 3 percent and by eight new store openings.

Mister Spex added that the meticulous execution of the "Lean 4 Leverage" program drove accelerated growth in prescription glasses, resulting in an 18 percent increase in the fourth quarter and 10 percent to 169 million euros for the full year of 2023. Sunglasses segment revenues grew 13 percent, following the 19 percent growth achieved in 2022.

For the fiscal year 2024, the company expects revenue growth in the low to mid single-digit percentage range. The company expects to open up to five new stores. In terms of reporting segments, Mister Spex expects Germany to be the primary driver of revenue growth. In the international segment, the company expects revenue to remain at the 2023 level.

The company expects a positive adjusted EBITDA margin in the low single-digit percentage range and improved profitability due to implementation of the “Lean 4 Leverage” program.