Mister Spex reports Q3 revenue decline of 3 percent

European omni-channel optician Mister Spex achieved revenue of 57.8 million euros for the third quarter of 2024, a 3 percent decline compared to the same period last year.

The company attributed the sales decline to the closure of international stores in Scandinavia, Austria, and Switzerland as part of the transformation and restructuring program "SpexFocus".

The company added that the core German market however demonstrated positive development with a 2 percent revenue increase driven by online and offline growth.

Prescription glasses sales were a major contributor, with a 5 percent increase in Germany, which boosted the gross margin, which was partially driven by the launch of "SpexPro", a private label for premium eyewear lenses.

Revenue from sunglasses dropped by 2 percent, partly due to reductions in discounts, promotional activities and demand impacted by adverse weather conditions, especially in September.

Mister Spex said that after the initial rollout in Germany, Austria, and Switzerland, "SpexPro" will now be gradually introduced in additional markets.

“The launch of SpexPro lenses represents a significant advancement that allows us to offer our customers high-quality products, while also enabling us to increase our market share in prescription eyewear lenses, thereby further enhancing our profitability,”said Stephan Schulz-Gohritz, chairman of the Mister Spex management board.

The company’s iInternational revenue declined by 17 percent in the quarter due to the strategic closure of international stores announced in August 2024 as part of "SpexFocus”.

The gross margin improved by 302 basis points, reaching 48.8 percent. Adjusted EBITDA for the quarter stood at negative 1.4 million euros, compared to 0.2 million euros in the previous year’s quarter.

Mister Spex reiterates its outlook for the fiscal year, anticipating net revenue between 210 euros and 230 million euros and an adjusted EBITDA margin in the range of negative 4 percent to 1 percent.