Chinese general merchandise retailer Miniso has posted growth in revenue and profit as it continues to roll out stores at home and abroad.
For the quarter ending March 31, 2024, revenue increased 26% to ¥3.7bn (£406m), which the retailer said was “driven by a 19.3% increase in the average store count”.
Miniso’s gross profits grew 39.1% year on year to ¥1.6bn (£176m), while adjusted EBITDA surged 36.7% to ¥965m (£105m).
Revenue from China increased 16.2% to ¥2.5bn (£273m), while revenue from overseas markets grew 52.6% to ¥1.2bn (£133m).
As of March 31, Miniso had 6,630 stores worldwide with 217 stores added in the quarter alone. In China, the retailer has 4,034 stores.
Miniso founder, chair and chief executive Guofu Ye said: “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 1,100 stores in 2024.
“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 of 2023.
“We are pleased to see the initial effect from our IP and globalisation strategies and as a result, our total revenue reached ¥3.7bn with a 26% increase year over year, which was primarily attributable to a 19% increase in average store count and a 9% same-store sales growth.”
“Our strong financial and operational performance across the board continues to reflect the relevance and resilience of our business model and the universal appeal of our product offerings.
“We possess the necessary patience and perseverance and remain committed to a long-term approach, taking each step with care and diligence to accomplish our five-year development plan to maintain a revenue compound annual growth rate of no less than 20%.”
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