Sales and profit warning: online optician Spex closes stores
The Berlin-based online optician Mister Spex is lowering its expectations and restructuring itself. It also wants to focus on older customers.
(Image: Mister Spex)
The Berlin-based online optician Mister Spex has lowered its sales and profit forecast for this year and is initiating a restructuring program. The company intends to cut staff costs, adjust prices and reduce advertising and discount campaigns. Mister Spex is also closing all eight international branches; five in Austria, two in Sweden and one in Switzerland, according to a press release. The company currently operates a total of around 70 stores.
The company now does not rule out a decline in sales of up to 6 percent. In the best case scenario, it should increase by 3 percent. Previously, the management had forecast low to medium growth here. The adjusted operating margin (EBITDA) is expected to be between minus 4 percent and plus one percent in 2024. Originally, EBITDA was expected to be in the low single-digit percentage range.
The company's shares are now trading at just under EUR 2.40, around 6% lower than the previous day. The issue price at Mister Spex's IPO three years ago was almost ten times higher. From September 2021 to September 2022, the share price slumped from 24 to 2.40 euros and then trended sideways between this low and 5 euros, most recently with a downward trend.
Trusted optician for discerning customers
In the past second quarter, the company achieved a turnover of around 67.6 million euros, 1% more than in the same period of the previous year. The bottom line was an EBITDA of minus 659,000 euros compared to a plus of 532,000 euros in the previous year.
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With the "SpexFocus" transformation program launched by the company, EBITDA is set to increase by 20 million euros in 2025 and 2026. According to the company, it will "make every effort to fully support its employees during the transition phase".
The Mister Spex brand is also to be repositioned. With a new campaign, the company wants to emphasize its optician expertise and profile itself as a "trustworthy optician for life". This includes expanding the target group to include 40 to 60-year-olds. Mister Spex describes this group as "discerning", as they place great value on sound optical advice and expertise.
(anw)
