Q1 2024 Results Presentation
8 May 2024
1
Looking ahead
Agenda of today
1 Strategic update
Areas of focus in 2024
2 Financial update
Q1 2024 highlights and financial outlook
3 Q&A
Q1 2024 Results Presentation
Areas of Focus in 2024
Creating value for | Broadening the customer base |
Extending to existing assortment, providing | |
the customers | |
additional services online and offline | |
Improving Gross Profit | |
Sharpening the brand image | |
Rationalizing and
optimizing store | Selected store closures in Germany and |
portfolio | International |
Reducing the number | Up to 5 additional stores (net) in 2024 |
unprofitable stores |
20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | 85 | 90 | 95 |
Online only
Online and stores
Maintaining Cost
Structure
(incl. overhead)
Maintain the same cost structure, the organization needs to adapt to the new organizational setup
Lean processes are continuously improved
Focus of 2023: Lean 4 Leverage
Q1 2024 Results Presentation
Strategic and Financial Progress
Q1 2024
Strategic progress:
- Expanded our eyewear frames portfolio with more brands and collaborations, available already online and in our stores
- Introduced a broader range of lens options, complementing our already strong portfolio of beloved brands
- Weak consumer sentiment in Germany continues to persist. In January and February, we once again outperformed the optical market in Germany, which increased by 3%1 in prescription glasses and sunglasses. Mister Spex grew by 4% in the same period
Financial progress:
- A slow start in January was followed by acceleration in February. March was impacted by an earlier Easter, resulting in a net revenue growth of 2% (2M: 4% growth)
- Improvement in cash flow of ~ €12 million was driven by better inventory management and a reduction in the number of store openings
1. Market data for independent optical retail of prescription glasses and sunglasses. Based on GfK Panel Report Optics Total DE (Last Update February 2024)
4
Q1 2024 Results Presentation
Customer focus: broadening assortment
Ray-Ban Authentic | Mister Spex EyeD | New Brands and Collaborations |
Ray-Ban glazing for sunglasses
Rolled out in 75
2024: New Bold Collection
… with more to come
5
Q1 2024 Results Presentation
Customer focus: deepening lens portfolio
Smart Focus Mister Spex
Single-vision lens with a slight
addition in the lower part of the lens
6
Tints | Gradient Tints |
Self-tinting lenses | Mirror tint | New | Polarized Lenses |
Sunglasses and
Prescription Glasses
WithWithoutExtending lens portfolio
Tints, Self-tinting lenses, Gradient tints, Polarized lenses etc…
Q1 2024 Results Presentation
Customer focus: improving communication
Optical Training for Store employees | Lotus option | Insurance for Prescription glasses and Sunglasses |
Optical recommendations | Options and adjustments | Enhanced Insurance Coverage | |
Optical training: empowering staff to tailor | Enhanced customer communication: | Available across all stores, elevating customer | |
lens recommendations to each customer's | clearer presentation of lens options incl. | loyalty | |
needs | Lotus | ||
7 |
Looking ahead
Agenda of today
1 Strategic update
Areas of focus for 2024
2 Financial update
Q1 2024 highlights and financial outlook
3 Q&A
Q1 2024 Results Presentation
Moderate improvements despite low consumer
confidence
NET REVENUE
GROWTH
+2%
Germany: +5%
+1 new store and 1 closure
FREE CASH
FLOW
-€ 5m
- 12m Improvement vs Q1'23
Improved inventory
management and lower
investments into new store
openings
CASH & CASH |
EQUIVALENTS |
€ 106m |
Continuously healthy |
liquidity |
9
Q1 2024 Results Presentation
Q1 revenue growth supported by sunglasses
Net revenue
Jan and Feb:
+4% to PY
+6%
47
21 +19%
+6%
10
-11%
16
1
+2%
50 51
25 | -1% | 24 |
+9% | |
10 | 11 |
+2% | |
14 | 14 |
1 1
What we have delivered
- Prescription glasses: earlier Easter impacting March sales led to -1% in Q1
- Sunglasses: strong double-digit growth in February and March
- Online channel was flat year-on-year, while offline delivered mid- single digit growth
- LFL1 sales: 0%
What is ahead of us
- April: prescription glasses recover following earlier Easter, while sunglasses benefit from favorable weather
Q1 2022 | Q1 2023 | Q1 2024 |
Prescription glasses (PG) Sunglasses (SG) Contact lenses (CL) Miscellaneous services
- LFL: Store cohort '16 - '22
Attachments
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Disclaimer
Mister Spex SE published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 05:44:12 UTC.