Miniso records “best quarter” yet as revenue soars 37 per cent

Miniso revenue soars (1)
The store chain has delivered strong sales. (Source: Bigstock)

Chinese discount variety store Miniso posted unaudited revenue of US$519.6 million for the September quarter, representing a 36.7 per cent year-over-year increase.

Sales from China were up 34.7 per cent to $342.1 million, primarily driven by a 41.2 per cent increase in revenue from Miniso’s offline stores and a 46.1 per cent increase from Top Toy, the company said. Meanwhile, sales from overseas markets jumped 40.8 per cent to $177.5 million.

The company’s gross profit rose 60.2 per cent to $217.1 million, with adjusted EBITDA of $139.0 million, up 52.8 per cent.

Guofu Ye, founder, chairman, and CEO of Miniso, said the period was the company’s “best quarter so far”.

“With a more normalised offline travel in this year, we are able to dedicate more resources into our overseas directly operated markets, the revenue of which has increased by more than 80 per cent for two consecutive quarters. 

“In addition, we are encouraged by our developments in our emerging markets such as the North American market, revenue of which increased by nearly 160 per cent in this quarter year over year,” Ye added.

The company’s global store network surpassed 6000. As of September, Miniso had 3802 locations in China and 2313 stores in overseas markets.

“We currently expect to add another 100-200 new stores on a net basis in China in the remaining calendar year of 2023, and we will strive to deliver our target of opening 350 to 450 stores in overseas markets,” said Ye.

This article was first published on sibling website Inside Retail.