Miniso’s revenue and profit soar as footprint expands
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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.
Questions & Answers
Q.What proportion of Miniso's total revenue for the quarter came from overseas markets?
What proportion of Miniso's total revenue for the quarter came from overseas markets?
Overseas markets contributed US$169.2 million to Miniso's revenue during the quarter. This represented a substantial increase of 52.6 percent compared to the same period last year.
Q.How many new stores did Miniso open during the quarter ended March 31, and what was the total store count by that date?
How many new stores did Miniso open during the quarter ended March 31, and what was the total store count by that date?
Miniso opened 217 net new stores during the quarter. By March 31, the company's total store count had reached 6630, comprising stores in mainland China and overseas markets.
Q.What is Miniso's projected store expansion goal for the entirety of 2024?
What is Miniso's projected store expansion goal for the entirety of 2024?
Miniso aims for a net addition of 900 to 1100 new stores throughout 2024. The recent fast pace of openings in the March quarter contributes to this ambitious goal.
Q.What was the growth in same-store sales during the quarter, and what was the overall revenue increase?
What was the growth in same-store sales during the quarter, and what was the overall revenue increase?
Same-store sales grew by approximately 9 percent during the quarter. The company's revenue increased by 26 percent year over year, reaching US$515.7 million for the period.
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