Miniso’s revenue and profit soar as footprint expands

Value retailer Miniso has posted double-digit increases in both revenue and profit for the quarter ended March 31, driven by the higher number of stores across all markets.

The company’s revenue rose 26 percent year over year to US$515.7 million, attributed to the increase in average store count and an around 9 percent same-store sales growth. Revenue generated from mainland China was up 16.2 percent to US$346.5 million, while revenue from overseas markets jumped 52.6 percent to US$169.2 million.

Operating profit was US$102.9 million, up 29.1 percent, while adjusted net profit increased 27.7 percent to US$85.4 million.

The company opened 217 net new stores during the quarter, raising the store count to 6630, comprising 4034 in Mainland China and 2596 in overseas markets.

“This past March quarter has seen our fastest pace of store openings for the first quarters ever, establishing a robust foundation towards our goal of a net addition of 900 to 1100 stores in 2024,” said Guofu Ye, founder, chairman and CEO of Miniso.

“We also embarked on our path towards our five-year strategic goal with a stronger March quarter compared to the high base of the same period in 2023.”

The company expects sales growth to continue in the June quarter, driven by better store-level performance and store network expansion.