Optician Mister Spex with earnings decline
A pair of glasses lies on a computer keyboard (symbol picture). © pixabay.com
BERLIN (dpa-AFX) – At the optician Mister Spex
Sales of the higher-margin prescription eyewear fell 7 percent after the recovery in brick and mortar stores was slower than expected as pandemic restrictions eased. The newly opened stores were particularly affected. The local shops generate around 80 percent of their sales with prescription glasses. In addition, there were higher costs in connection with the IPO, as well as increased marketing and personnel costs.
Thanks to better sales of sunglasses and contact lenses, Mister Spex was nevertheless able to increase sales – they increased by a total of eleven percent to 49 million euros. The company generates the majority of its revenues with a good 35 million euros in Germany. The number of active customers rose 14 percent to 1.7 million in the quarter. Four new stores were opened – three in Germany and one in Austria. By the end of the year, Mister Spex will have a branch network of 48 stores in Europe.
Mister Spex had already lowered its forecasts at the beginning of November due to the lower sales of prescription glasses and instead of an increase in earnings now expects a decline in adjusted operating profit to four to five million euros, after 6.8 million euros in the previous year. At 17 to 19 percent, sales growth is also expected to be lower than initially planned at around 20 percent.
Accordingly, there were no more surprises for Jefferies expert Alexander Thiel in the quarterly report. The so important and profitable business with prescription glasses has grown only slowly, and the sales mix is correspondingly weak.
Mister Spex went public at the beginning of July at 25 euros per share. The day before, the paper fell below the mark of 13 euros to a record low. At the beginning of trading on Wednesday, the paper recovered slightly with a plus of 0.23 percent to 13.01 euros, but was recently quoted again 0.62 percent lower at 12.90 euros. Industry leader Fielmann
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