Miniso revenue climbs over 22% (#1683080)

Miniso announced on Friday that revenue in the first nine months of 2024 climbed 22.8% year over year, backed by an 18.5% increase in average store count and a low-single-digit same-store sales growth.

The global lifestyle brand said revenue reached $1.75 billion for the nine months ended September 30. Revenue from mainland China increased by 14% reaching $1.1 billion, while revenue from overseas markets increased 41.5% to $647.4 million. 

Adjusted net profit grew 13.7% year-over-year to $274.8 million, while adjusted EBITDA rose 20.6% to $442.8 million.

In Q3 2024, Miniso achieved record-breaking gross margins of 44.9%, with revenue climbing 19.3% year-over-year to $644.5 million. Adjusted net profit increased by 6.9% to $97.8 million.

The number of new store openings played a huge role in the company’s growth with 324 new store openings in mainland China and 449 in overseas markets, in the first nine months of 2024. The company’s Top Toy brand also saw exceptional growth, opening a record 86 stores during this period.

Miniso’s overseas markets now contribute 37% of total revenue, compared to 32% in the same period last year. The U.S. market remains a priority, with directly operated stores in international markets doubling year-over-year.

“Miniso’s global footprints continue to expand steadily. As of September 30, 2024, the Group’s total number of stores reached 7,420 with a net increase of 859 stores in the first nine months of 2024, representing only one step away from our annual target of 900 to 1,100 net new stores,” said Guofu Ye, founder, chairman, and CEO of Miniso. 

“Both the net growth of stores of Miniso overseas and Top Toy for the first nine months of 2024 exceeded their net growth of stores for the whole year of 2023.”

The company recently announced a 29.4% stake acquisition in Yonghui Superstores Co., Ltd., as part of its strategy to emphasize quality retailing and interest-driven consumption.