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Mister Spex SE: Adjustment of full year 2022 guidance

·3-min read

Mister Spex SE / Key word(s): Change in Forecast
Mister Spex SE: Adjustment of full year 2022 guidance

05-Sep-2022 / 21:04 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014

Mister Spex SE: Adjustment of full year 2022 guidance

Berlin, 5 September 2022 – The Management Board of Mister Spex SE (ISIN DE000A3CSAE2) today updated the guidance of Mister Spex SE ("Company" and together with its consolidated subsidiaries, "Mister Spex") for the full year 2022.

The current market environment is heavily impacted by the ongoing COVID-19 pandemic, the war in Ukraine and a sharp increase in inflation. This market environment is and – based on current expectations – remains challenging for Mister Spex. Sales of Mister Spex have developed positively compared to the previous year and the growth rate also continued to increase in the second quarter compared to the first quarter, which continued in July and August 2022. Nevertheless, the Company anticipated an even stronger recovery compared to 2021 and designed its cost structures accordingly, resulting in a charge to adjusted EBITDA*. Moreover, while sales of sunglasses and contact lenses grew at double-digit rates in the first eight months, sales of high-margin prescription eyewear grew at only single-digit rates. This change in product mix has resulted in a lower overall product margin.

Based on the current market environment, the Company now expects sales growth of 7% to 12% for the full year 2022 (previously: slightly above 18%). The updated expectation for the adjusted EBITDA margin* is -6% to -3% (previously: over EUR 4.1 million).

In order to substantially increase profitability and to adapt to the current market environment, the Management Board has initiated the "Lean for Leaverage" efficiency program. This program comprises three key pillars: Focus on the successful omnichannel core business in the DACH region, optimization of the product mix, price and the gross profit margins, and strict cost management of central personnel costs and other costs. More information on the program will be presented at the Q2 results presentation on September 7.

The updated forecast for fiscal year 2022 corresponds to sales of EUR 208 million to EUR 218 million and has no effect on Mister Spex' medium-term growth strategy. After a normalization of the market environment, Mister Spex plans to accelerate sales growth again and to further increase profitability.

* Explanatory remarks regarding the definition of adjusted EBITDA are available in the annual report 2021 of the Company on page 19. The annual report is available online at www.ir.misterspex.com

Person releasing the notification: Dirk Graber, Co-chairman of the Management Board

Investor Relations Contact:
investorrelations@misterspex.de

Press Contact:
Judith Schwarzer I Head of Corporate Communication I Judith.Schwarzer@misterspex.de

Mister Spex SE
Greifswalder Straße 156
10409 Berlin
www.misterspex.de

05-Sep-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Mister Spex SE

Greifswalder Str. 156

10409 Berlin

Germany

E-mail:

presse@misterspex.de

Internet:

www.misterspex.de

ISIN:

DE000A3CSAE2

WKN:

A3CSAE

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1435949


 

End of Announcement

DGAP News Service

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