On November 21st, MINISO, the Chinese fast retailing company, released its financial report for the first quarter of the 2024 fiscal year. The report showed that MINISO’s revenue for the first quarter reached a record high of 3.79 billion yuan ($531.3 million), representing a 37% year-on-year growth. The domestic revenue exceeded 2.49 billion yuan ($336.4 million), a 35% increase compared to the same period last year, while the overseas revenue reached 1.3 billion yuan ($182.2 million), a 41% increase year-on-year. The gross profit margin also exceeded 40% for the first time, reaching 41.8%, a 6.1 percentage point increase compared to the same period last year. The net profit, adjusted under the non-International Financial Reporting Standards (non-IFRS), was 640 million yuan ($89.72 million), a 54% increase year-on-year.
In terms of store count, as of September 30th, MINISO’s global store count exceeded 6,000 for the first time, reaching 6,115 stores. Among them, there were 3,802 stores in China and 2,313 stores overseas. The number of TOP TOY stores was 122, an increase of 13 compared to the previous period.
In terms of market segments, revenue from China amounted to 2.496 billion yuan ($349.9 million), a 34.7% increase year-on-year, while revenue from overseas markets reached 1.295 billion yuan ($181.5 million), a 40.8% increase year-on-year. MINISO stated that the average number of stores in China increased by 14%, and the average revenue per store increased by 23.8%. The offline store revenue of MINISO in China increased by 41.2%. The situation for TOP TOY was also roughly similar.
MINISO’s founder, chairman, and CEO, Ye Guofu, stated, “In many aspects, this quarter ending on September 30th is the best quarter in the company’s history. Revenue, profit margin, and net store openings have all reached new highs.” Furthermore, he added, “With the normalization of offline activities this year, we have been able to invest more in the development of overseas direct-operated markets, maintaining a year-on-year growth rate of over 80% for two consecutive quarters in terms of overseas direct-operated business revenue.”