In June, MINISO’s profitable stores in the United States accounted for nearly 90%, driving a significant increase in the operating profit margin of its overseas direct-operated markets.
Today (August 22), MINISO Group released its unaudited financial performance report for the full year and fourth quarter of the 2023 fiscal year, ending on June 30, 2023.
In the 2023 fiscal year, MINISO achieved a revenue of 11.473 billion yuan ($1.57 billion), a year-on-year growth of 13.8%; gross profit was 4.443 billion yuan ($609.7 million), a year-on-year growth of 44.7%. Its adjusted net profit was 1.844 billion yuan ($253 million), a year-on-year growth of 155.3%. In the fourth quarter of 2023, MINISO’s revenue reached 3.25 billion yuan ($446 million), a 40% increase; gross profit was 1.296 billion yuan ($177.8 million), a year-on-year growth of 67.9%. Its adjusted net profit was 571 million yuan ($78.35 million), a year-on-year growth of 156.3%.
MINISO is a fast-moving consumer goods retail company established in Guangzhou in 2013. It offers a wide range of products including household items, fashion accessories, beauty products, stationery, digital products, toys, and more.
In terms of store count, as of June 30, 2023, MINISO had a total of 5,791 stores worldwide. Among them, there were 3,604 domestic stores and 2,187 overseas stores, with 118 TOP TOY stores. The number of stores has increased overall.
In terms of brand revenue, in the 2023 fiscal year, MINISO’s domestic business achieved a revenue of 7.651 billion yuan ($1.05 billion), while the TOP TOY brand achieved a revenue of 530 million yuan ($72.73 million). The total revenue of the group’s overseas business reached 3.822 billion yuan ($524.4 million), a year-on-year growth of 45%.
Mr. Ye Guofu, CEO of MINISO, said, “Despite the short-term headwinds and uncertainty brought by the macro environment, MINISO Group remains focused on our long-term strategic goals, steadfastly advancing globalization, strengthening product competitiveness, and optimizing the store network. These efforts have yielded positive results.”
Mr. Zhang Jingjing, CFO and Vice President of MINISO, stated, “Mainly benefiting from an 85% year-on-year growth in revenue from overseas direct-operated markets, the company’s overall overseas business in this quarter achieved a 42% year-on-year growth, reaching 1.11 billion yuan, exceeding our previous optimistic expectations and setting a new record for overseas business in the June 30 quarter.” “The gross profit margin of the direct-operated markets has improved significantly, especially in the direct-operated markets represented by the United States, where the proportion of profitable stores accounted for nearly 90% in June, driving a substantial increase in the operating profit margin of the overseas direct-operated markets.”
In addition, MINISO revealed that in July 2023, the average GMV (Gross Merchandise Volume) per store increased by approximately 14%, driving a year-on-year growth of over 25% in GMV of MINISO’s offline stores in China. The overseas business GMV of MINISO grew by approximately 50% year-on-year.
