Financial Performance Overview
MINISO Group Holding Limited (NYSE: MNSO) has showcased robust growth in its unaudited financial performance for the most recent quarter. The company achieved a striking 28.2% year-on-year increase in revenue, amounting to RMB5,796.6 million (approximately US$814.3 million). This surge surpassed the higher end of the company's previous guidance range of 25% to 28%, underscoring its strong market presence and sales strategies.
Impressive Same-Store Sales Growth
Key drivers of this growth included a mid-single-digit increase in same-store gross merchandise value (GMV) during the September quarter. The MINISO brand specifically exhibited resilient performance with high-single-digit growth in its mainland China stores, further reflecting its adaptability and customer appeal in a highly competitive retail landscape.
Quarterly Operational Highlights
In addition to revenue, MINISO Group celebrated the opening of 100 net new stores in mainland China, bringing the total number to 8,138 stores worldwide. This significant milestone indicates robust expansion and a growing customer base that contributes to the company’s overall performance.
The operational highlights further extended to the TOP TOY brand, which reported a remarkable 111.4% revenue increase from the previous year, reaching RMB574.5 million (about US$80.7 million). This growth marks another record for quarterly performance, reinforcing the brand's strong market position in the toy industry.
Year-to-Date Performance for First Nine Months
For the first nine months of the fiscal year, MINISO reported a 23.7% increase in revenue, totaling RMB15,189.8 million (approximately US$2,133.7 million). The gross profit followed suit with a 24.5% increase, reaching RMB6,747 million (around US$947.7 million), resulting in an improved gross margin of 44.4% compared to the previous year.
Adjusted operating profit for this period grew by 6.5%, amounting to RMB2,608 million (roughly US$366 million). However, profit for the period indicated a slight decline from RMB1,825 million to RMB1,349 million, as challenges persisted in maintaining net profit margins, now at 13.5%.
Strategic Insights from Management
Mr. Guofu Ye, Founder and CEO, reflected on the company’s performance: "Both revenue milestones and new store openings illustrate MINISO’s commitment to growth. Our operational strategies are yielding results, particularly in our mainland operations where high single-digit same-store sales growth indicates a strong recovery and positive outlook. We are confident that we will achieve our goal of positive same-store sales growth throughout the year.”
Financial Position and Future Outlook
As of the end of the September quarter, MINISO maintained a strong cash position of RMB7,766 million (approximately US$1,090.9 million), enabling the company to invest sustainably in growth opportunities. The company’s prudent financial management demonstrated its resilience and operational cash flow capabilities, reinforcing investor confidence in future business strategies.
Looking forward, MINISO expects to build on its momentum with a focus on enhancing its brand presence in both domestic and international markets. The strategic investments in its global footprint are anticipated to serve as economic leverage for sustained growth. The company remains committed to optimizing its operations, fostering partnerships, and responding agilely to market dynamics.
Frequently Asked Questions
What was MINISO's revenue growth in the September quarter?
MINISO reported a remarkable revenue growth of 28.2% in the September quarter, reaching RMB5,796.6 million.
How many new stores did MINISO open during this quarter?
The company opened 102 net new stores in mainland China during the September quarter, reaching a total of 8,138 stores globally.
What was the performance of the TOP TOY brand?
The TOP TOY brand achieved a phenomenal 111.4% revenue increase, setting a new quarterly growth record.
What were the primary challenges faced by MINISO in the first nine months?
Despite substantial revenue growth, MINISO experienced a decline in profit for the period, influenced by heightened competition and operational costs.
What is MINISO's outlook for the future?
MINISO aims to continue its expansion and improve same-store sales growth as it strategically invests in its brand presence and operational capabilities worldwide.
