MINISO Group Holding Limited (MNSO), a Chinese retailer of trendy lifestyle products, on Tuesday reported a rise in net profit for the third-quarter, supported by an increased revenue, mainly due to a 19.3 percent improvement in the average store count and an around 9 percent same-store sales growth on group level.
Guofu Ye, CEO of MINISO, said: "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."
For the three-month period, the retailer posted a net income of RMB 582.472 million or RMB0.47 per share, compared with RMB465.505 million or RMB 0.37 per share, recorded for the same period of previous year.
Earnings per ADS rose to RMB1.88 from last year's RMB1.48 per ADS.Excluding items, income was at RMB613.409 million or RMB 0.49, higher than RMB477.594 million or RMB0.38 per share a year ago.
Adjusted income per ADS stood at RMB1.96 as against RMB1.52 per ADS in the prior year period.
Income from operations increased to RMB743.285 million from RMB575.921 million in 2023.
As of March 31, MINISO brand has expanded its retail footprint to a significant milestone of 6,630 stores. This growth reflected addition of 217 stores in the March quarter alone, a figure that represents nearly a threefold increase from the same period last year.
Revenue was RMB3.723 billion, up from RMB2.954 billion a year ago.
Looking ahead, for the fourth-quarter, the Group expects its sales to continue to grow healthily on a year-over-year basis, driven by better store-level performance and store network expansion.
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