Miniso has stores 7,186 as of 30 September 2024. Credit: 8th.creator/Shutterstock.

Chinese global lifestyle products retailer Miniso has reported a robust 22.8% increase in its revenue for the first nine months (9M) of the fiscal year 2024 (FY24), reaching 12.28bn yuan ($1.75bn) compared to 9.99bn yuan in the same period of the previous year.  

The growth is attributed to an expansion in average store count by 18.5% year-on-year (YoY) and a modest same-store sales increase at the group level. 

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During the period ending 30 September 2024, Miniso’s gross profit rose 34.1% YoY to 5.41bn yuan, with gross margin improving to 44.1%, up from 40.4% in the previous year. 

The company’s operating profit also rose to 2.34bn yuan, a 14.3% increase from 2.05bn yuan in the same period of the previous fiscal year.

The company’s profit for the nine-month period reached 1.82bn yuan, an 11.6% rise compared to last year’s figure of 1.63bn yuan.  

Miniso chief financial officer Eason Zhang stated: “Thanks to higher overseas revenue contribution and Miniso brand upgrade, the company’s gross margin for the first nine months of 2024 reached 44.1%, representing 3.7 percentage points increase year over year. Overseas revenue contribution increased from 32% in 2023 to 37% in 2024. With the effective execution of IP [intellectual property] strategy, each of our business segments had improvement in gross margin, especially Miniso overseas and TOP TOY [which] both had middle to high single-digit improvement. We continue to invest in strategic markets, especially the US market.”  

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In the third quarter, Miniso’s revenue increased by 19.3% YoY to 4.52bn yuan. 

Regionally, mainland China saw an 8.7% revenue growth in Q3 FY24, while overseas markets experienced a substantial 39.8% jump to 1.81bn yuan.  

The third quarter also witnessed gross profit rising by 28.2% YoY to 2.03bn yuan and gross margin hitting a record high of 44.9%. 

Operating profit for the third quarter (Q3) of FY24 grew by 8.2% to 852.6m yuan, and profit for the quarter increased by 4.9% to 648.3m yuan. 

Basic and diluted earnings per American depositary share (ADS) both went up by 6.1%, reaching 2.08 yuan. 

As of 30 September 2024, Miniso expanded its global footprint with a total of 7,420 stores, including the addition of 859 new stores during the first nine months of FY24. 

Miniso stores now number 7,186, with mainland China contributing a net increase of 324 stores and overseas markets adding another 449 stores. 

TOP TOY stores reached a count of 234 with a record opening of 86 new stores within the same period. 

In September 2024, MINISO Group signed share purchase agreements with shareholders of Chinese retailer Yonghui Superstores.