Mister Spex launches restructuring program to drive profitability

European omni-channel optician Mister Spex has reported a 1 percent growth, achieving sales of 67.6 million euros in the second quarter of 2024.

For 2024, the company now expects net revenue to be between 210 and 230 million euros and adjusted EBITDA margin to be within a range of negative 4 percent to positive 1 percent.

The company’s physical retail network achieved a 4 percent like-for-like growth with Germany contributing a 4 percent like-for-like sales increase.

The German market saw sales of prescription glasses increasing by 11 percent, while sunglasses sales decreased by 2 percent due to mixed weather patterns. The brick-and-mortar segment continued to grow, with a like-for-like increase of 4 percent.

Mister Spex has started the execution of its restructuring and transformation program, SpexFocus, which aims to deliver over 20 million euros in EBITDA savings, including rent, by 2025 and 2026. Recently, the company launched a new sports eyewear collection which includes both sunglasses and prescription glasses, marking its entry into a segment that is witnessing substantial growth both locally and globally.

"We have launched our transformation and restructuring program, SpexFocus, with the clear objective of securing sustainable and profitable growth for our company. We are convinced that the measures we are now implementing will not only position us for sustainable profitable growth but also further strengthen our competitiveness online and offline,” said Stephan Schulz-Gohritz, chairman of the company’s management board and CFO of Mister Spex.