Mister Spex SE Sees Growth in German Market Amidst International Retrenchment

Mister Spex SE reports a 2% growth in its core German market for Q3 2024, alongside a significant improvement in gross margin, which rose by 302 basis points to 48.8%. Despite these gains, the company's overall revenue declined by 3% to €57.8 million due to the strategic closure of stores in Scandinavia, Austria, and Switzerland.

The German market experienced a 5% increase in sales of prescription glasses, contributing to the margin improvement. The launch of the "SpexPro" premium lens line played a critical role, offering higher average order values and increasing the proportion of high-margin products sold.

International revenue fell 17%, influenced by the restructuring initiative "SpexFocus." This plan aims to concentrate efforts on the more promising German market. Despite a challenging quarter, Mister Spex maintains its revenue guidance for 2024 at €210-230 million, with an adjusted EBITDA margin forecast of -4% to +1%.