The third fiscal quarter has proven to be a successful one for Miniso, as their sales growth exceeded initial projections. The company’s expansion strategies have also reached a pivotal point.
For the third fiscal quarter, which concluded on September 30, the variety retailer saw its revenue skyrocket by 28.2% to RMB5.8 billion (US$814.3 million). This revenue increase sits at the top end of their projected range of 25-28%.
The Miniso brand itself experienced a rise in revenue of 22.9%, reaching RMB5.2 billion. This includes a substantial 19.3% increase in Mainland China along with a 27.7% surge in international markets. Additionally, Top Toy, another brand of the company, has seen its revenue surge by 111.4% to RMB574.5 million.
Every operating segment of the company exhibited positive momentum in the same-store GMV throughout the quarter. This has resulted in group-level statistics rising to a mid-single digit level.
At the group level, the total number of stores reached 8138 by September 30. This marks an annual rise of 718 net new stores.
The current Miniso store count is 7831, including 4407 in Mainland China and 3424 overseas. Meanwhile, Top Toy has a total of 307 stores.
“We are thrilled to have reached two significant milestones for Miniso Group this quarter. For the first time, our quarterly revenue surpassed RMB5 billion. Additionally, our global store count now exceeds 8000,” stated CEO Guofu Ye.
However, despite these significant achievements, the company’s net profit declined by 31% to RMB443.2 million. Nonetheless, the adjusted net profit demonstrated a rise of 11.7% to RMB766.8 million.
What was Miniso’s growth in the third quarter?
Miniso’s revenue soared by 28.2% to RMB5.8 billion (US$814.3 million) in the third quarter.
How many new stores did Miniso open in the last year?
Miniso opened 718 new stores in the past year, bringing their total to over 8000.
Despite the growth, did Miniso’s profits decline in the third quarter?
Yes, Miniso’s net profit declined by 31% to RMB443.2 million. However, the adjusted net profit was up by 11.7% to RMB766.8 million.
