On March 12th, Miniso Group announced its financial results for the fourth quarter and full year of 2023.
The financial report indicates that the total revenue for the fourth quarter reached 3.84 billion RMB, a year-on-year increase of 54%, marking a historic high for quarterly revenue. The gross profit margin for this quarter also hit a record high of 43.1%, rising by 3.1 percentage points year-on-year. The adjusted net profit for the fourth quarter exceeded 660 million RMB for the first time (Non-IFRS), representing a 77% year-on-year increase; the adjusted net profit margin reached 17.2%, up by 2.2 percentage points year-on-year.
For the full year of 2023, Miniso’s annual revenue surpassed 13.8 billion RMB, a nearly 40% year-on-year increase; the gross profit margin reached 41.2%, up by 6.3 percentage points year-on-year; the adjusted net profit was approximately 2.36 billion RMB, achieving a growth of 110% year-on-year.
As of December 31st, 2023, Miniso had a total of 6,413 stores globally, with 3,926 stores in China, adding a net of 601 domestic stores in 2023, and 2,487 stores overseas, with a net addition of 372 overseas stores in 2023. Miniso expects to maintain a net increase of 350-450 stores domestically and 550-650 stores in overseas markets in 2024.
In the domestic market, Miniso achieved a revenue of 2.35 billion RMB in this quarter, a 56% year-on-year increase. Data shows that Miniso’s offline sales GMV in the domestic market increased by approximately 66% year-on-year.
In the fourth quarter, Miniso’s overall overseas business revenue was close to 1.5 billion RMB, a 51% year-on-year increase, once again breaking the record for quarterly overseas business revenue. Particularly, the revenue from direct sales markets increased by about 90% year-on-year, accounting for over 50% of the overseas revenue for the first time.
During this quarter, Miniso’s flagship store in the UK officially opened on Oxford Street in London, one of the world’s top shopping districts. The store covers nearly 3,000 square feet and is primarily themed in pink, incorporating elements of British urban design, making it Miniso’s largest store in the UK to date.
Recently, Ye Guofu, Chairman and CEO of Miniso Group, stated that Miniso’s goal is to achieve a net increase of 900-1100 stores annually from 2024 to 2028, with the total number of global stores at the end of 2028 nearly doubling compared to the end of 2023, and the compound annual growth rate of the group’s revenue from 2024 to 2028 not less than 20%. By 2028, sales of IP products are expected to account for over 50% of total revenue.
