MNSO(MNSO) Prnewswire·2024-05-14 04:10Core Viewpoint - MINISO Group reported strong financial results for the quarter ended March 31, 2024, with significant year-over-year growth in revenue, gross profit, and store expansion, driven by effective IP and globalization strategies [1][7]. Financial Highlights - Revenue reached RMB3,723.5 million (US223.9 million), reflecting a 39.1% year-over-year increase [2][10]. - Gross margin improved to 43.4%, up from 39.3% in the same period of 2023 [2][11]. - Operating profit increased by 29.1% to RMB743.3 million (US81.2 million), a 24.4% increase year over year [2][14]. - Adjusted net profit rose by 27.7% to RMB616.9 million (US133.7 million), marking a 36.7% increase year over year [2][14]. Operational Highlights - As of March 31, 2024, MINISO operated 6,630 stores globally, with a net addition of 217 stores in the March Quarter, nearly tripling the previous year's figure [3][5]. - The number of MINISO stores in mainland China reached 4,034, with a net addition of 108 stores in the March Quarter [3][5]. - Overseas stores totaled 2,596, with a net opening of 109 stores, significantly up from 16 in the same period last year [3][5]. - TOP TOY stores increased to 160, with a year-over-year growth of 44 stores [3][5]. Revenue Breakdown - Revenue from mainland China increased by 16.2% to RMB2,501.7 million (US169.2 million), attributed to a 19.7% expansion in average store count and a robust same-store sales growth of around 21% [9][10]. - Revenue from directly operated overseas markets contributed approximately 58% to total overseas revenue, indicating strong performance in these regions [10][11]. Management Commentary - The CEO highlighted the fastest pace of store openings in the first quarter ever and expressed confidence in achieving a net addition of 900 to 1,100 stores in 2024 [7]. - The CFO noted that gross margin reached 43.4%, higher than the previous peak season, and emphasized the company's focus on improving gross margin through core capabilities [7][12].