Miniso revenues rise 26% in Q1 amid worldwide expansion

Trendy lifestyle retailer Miniso has reported that revenues rose 26% to $515.7m (£406.9m) year-over-year in the first quarter ended 31 March. 

The group attributed its performance to the expansion of the Miniso brand’s retail footprint to a “significant” milestone of 6,630 stores worldwide as of the end of Q1. 

This growth was underscored by a net addition of 217 stores in the March quarter alone, a figure that represents nearly a threefold increase compared to the same period last year. 

Miniso’s total number of overseas stores hit 2,596 as of March, with a net opening of 109 new stores in Q1 – spelling a rise from the 16 new stores recorded in the same period last year. 

As a result, Miniso’s gross profits rose 39.1% to $223.9m (£176.6m) year-over-year during Q1, with operating profits also rising 29.1% to $102.9m (£81.2m). 

Guofu Ye, founder, chairman and CEO of Miniso, said: “This past March quarter has seen our fastest pace of store openings for the first quarters ever. 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. 

“We are pleased to see the initial effect from our IP and globalisation strategies, and as a result, our total revenue reached RMB3.7bn with a 26% increase year over year, which was primarily attributable to a 19% increase in average store count and a 9% same-store sales growth.”