Lifestyle brand Miniso closed the year with revenue reaching nearly $2.34 billion.
Founder, chairman and CEO Guofu Ye credited the results with continuous growth in China and rapid overseas expansion.
The company’s gross profit rose 34 per cent year over year to $1.05 billion while operating profit increased 17.6 per cent to $454.3 million.
“Revenue from our Miniso brand in Mainland China saw a 10.9 per cent year-over-year increase, sustaining double-digit growth on top of 2023’s 36.2 per cent rise,” Guofu said.
International markets continued their strong performance, with revenue rising 41.9 per cent yearly. Global revenue has grown at a compound annual rate exceeding 40 per cent, with overseas sales accounting for 39.4 per cent of total revenue this year.
“This reflects the success of our globalisation strategy and the opportunities ahead,” Guofu added.
The brand also set a record for store expansion last year, opening 1200 stores worldwide and reaching 3000 locations outside China.
“[Last year] was a pivotal year, as we strengthened our globalization strategy and evolved into a ‘Super Brand’,” Guofu said
“With our focus on IP product innovation and interest-driven consumption, we are well positioned to shape the future of retail and solidify Miniso’s global leadership.”
Meanwhile, CFO Eason Zhang shared that Miniso’s gross margin has improved over the past eight quarters.
“Miniso has been setting quarterly and annual records,” he said.
The company’s adjusted diluted earnings per share (EPS) grew 16 per cent year over year, while adjusted net profit rose 15.4 per cent to $371 million, with a margin of 16 per cent. By year-end, Miniso’s cash position stood at $922 million.
Looking ahead, Zhang expressed confidence in the company hitting its growth targets in the coming years.
“We expect further top-line acceleration and will focus on improving same-store sales through optimized layouts and refined assortments,” he concluded.
“At the same time, we will enhance store economics with disciplined spending and maintain a strong, sustainable profit margin.”
This article was first published on sibling website Inside Retail.
