On May 14th, MINISO released its unaudited financial performance report for the quarter ended March 31, 2024. According to the report, the total revenue for the first three months amounted to 3.724 billion yuan, representing a 26% year-on-year increase. Adjusted net profit reached 617 million yuan, up by 27.7% year-on-year, with an adjusted net profit margin of 16.6%, compared to 16.4% for the same period in 2023.
MINISO attributed the revenue growth primarily to a 19.3% year-on-year increase in the average number of stores and approximately 9% growth in same-store sales.
In terms of market segmentation, MINISO’s China domestic revenue amounted to 2.502 billion yuan, up by 16.2% year-on-year, while overseas revenue surged by 52.6% year-on-year to reach 1.222 billion yuan. The company noted that domestic offline store revenue increased by 15.6% year-on-year, primarily driven by an 18.7% increase in the average number of stores, with same-store sales at approximately 98% of the high base period of the previous year. Revenue from TOP TOY grew rapidly by 55.1% year-on-year, mainly due to a 32.2% increase in the average number of TOP TOY stores and a same-store sales growth of approximately 26% compared to the same period in 2023.
As of March 31, 2024, MINISO’s global store count reached 6,630, marking an increase of 1,116 compared to the previous year, with a sequential growth of 217. Among them, domestic stores surpassed the 4,000 mark for the first time, reaching 4,034, an increase of 651 year-on-year and 108 sequentially. Overseas stores totaled 2,596, up by 465 year-on-year. The cumulative number of TOP TOY stores under MINISO reached 160.
Mr. Guofu Ye, Founder, Chairman, and CEO of MINISO, commented, “This past March Quarter has seen our fastest pace of store openings for the first quarters ever, establishing a robust foundation towards our goal of a net addition of 900 to 1,100 stores in 2024. We also embarked on our path towards our five-year strategic goal with a stronger March Quarter compared to the high base of the same period of 2023. We are pleased to see initial effect from our IP and globalization strategies and as a result, our total revenue reached RMB3.7 billion with a 26% increase year over year, which was primarily attributable to a 19% increase in average store count and a 9% samestore sales growth.”
