The retail conglomerate, Miniso, posted a decrease in profits despite its sales increasing by a double-digit percentage in the second quarter.
Miniso’s revenue for the quarter ending June 30th saw a massive increase of 23.1%, amounting to approximately USD 693.2 million. The retailer has various brands under its umbrella, including Miniso and Top Toy. Miniso’s revenue witnessed a rise of 19.5%, amounting to USD 637 million. This growth included a 13.6% increase in Mainland China and a 28.6% growth in international markets. Top Toy’s revenue surged by 87% to USD 56.1 million.
The same-store gross merchandise value (GMV) of Miniso remained steady, backed by a small growth in mainland China and a slight decline in international markets. However, Top Toy’s same-store GMV registered minor growth.
Miniso highlighted that Top Toy had finalized strategic financing by Temasek recently, resulting in a post-valuation of approximately USD 1.28 billion.
Although the operating income rose by 11.3% to USD 116.7 million, the profits fell from USD 82.4 million in the same period last year to USD 68.3 million.
For the first half of the year, revenue grew by 21% to USD 1.3 billion. This rise included an 18% increase in Miniso sales and a 73% rise in Top Toy sales. However, the profit for the same period dropped from USD 163 million to USD 126.5 million.
As of June 30th, the total number of stores at the group level was 7,905, representing a year-on-year increase of 842 new stores. Miniso had 7,612 stores, which included 4,305 in Mainland China and 3,307 in international locations, while Top Toy had 293 outlets.
The company anticipates that its revenue growth will speed up for the rest of the year.
How much did Miniso’s revenue increase in the second quarter?
Miniso’s revenue for the second quarter increased by 23.1%, amounting to approximately USD 693.2 million.
How did Miniso’s operating income and profit perform in the second quarter?
The operating income rose by 11.3% to USD 116.7 million, but the profit fell from USD 82.4 million in the same period last year to USD 68.3 million.
What is the total number of Miniso stores as of June 30th?
As of June 30th, Miniso had a total of 7,612 stores, which included 4,305 in Mainland China and 3,307 in international locations.
