Mister Spex posts 18 percent revenue growth in 2021

European digitally-driven omnichannel optician, Mister Spex SE, increased its revenue by 18 percent to 194 million euros in the financial year 2021. Compared to 2019, Mister Spex revenue rose by 39 percent.

The company said in a statement that the main driver for the growth was the increase in brand awareness through marketing initiatives and the opening of 14 new stores including the first international retail stores in Austria and Sweden.

“Despite the challenging environment, we again managed to grow stronger than the market,” said Sebastian Dehnen, chief financial officer and member of the management board of Mister Spex SE, adding, “Both segments, Germany and international, have contributed significantly to this development.”

Review of Mister Spex's full year results

The company added that sunglasses was the fastest growing product category in the fiscal year, with a 30 percent increase in revenue. The growth was achieved on the back of increased travel by customers and the increase of online penetration. The revenue from prescription glasses increased 16 percent, while contact lens revenue increased 11 percent.

“The younger store cohorts suffered due to lower customer traffic which had a knock-on effect on their ability to quickly build up a base of regular customers during the restrictions. However, I am confident that we will grow disproportionately in these cohorts once the Covid restrictions are lifted,” said Mirko Caspar, co-CEO of the company.

Adjusted EBITDA declined 39 percent to 4.1 million euros compared to the prior year. Adjusted EBITDA in the Germany segment in 2021 was on a comparable level to 2020, while at negative 3.4 million euros, adjusted EBITDA in the international segment was below the level in 2020.

The company said that the number of active customers increased by 12 percent to 1.7 million in the fiscal year 2021 and the number of orders also increased by 14 percent year on year.

For fiscal year 2022, management expects moderate double-digit revenue growth that will be slightly higher than the growth rate of 18 percent in the prior year. The expansion of the store network by around 20 stores, a slight increase in the number of orders, a slight increase in the average order value and a slight increase in active customers should contribute to revenue growth. Management expects an increase in adjusted EBITDA compared to 4.1 million euros in 2021.