Low-Cost Retailer MINISO Q1: Revenue Jumps 36.7%, Surpasses 6,000 Stores For The First Time & More

MINISO Group Holding Limited MNSO reported first-quarter FY24 revenue of RMB3.79 billion, up 36.7% year over year and 16.6% quarter over quarter.

Revenue from China increased 34.7% Y/Y to RMB2.49 billion ($342.1 million).

Gross profit increased 60.2% Y/Y to RMB1.58 billion ($217.1 million). The gross margin was 41.8% versus 35.7% last year.

Operating income for the quarter was RMB 788.3 million ($108 million), representing an increase of 54.7% year over year.

Adjusted EBITDA for Q1 climbed 52.8% to RMB1.01 billion ($139 million), and the EBITDA margin expanded 290 basis points to 26.8%.

The number of MINISO stores increased by 819 Y/Y to 6,115 as of September 30, 2023.

MNSO reported adjusted earnings per ADS of $0.28, which beat the consensus estimate of $0.26.

The company held $875 million in cash and equivalents as of September 30, 2023.

For October 2023, GMV of MINISO's offline stores in China increased by 40% Y/Y, driven primarily by around 11% increase of average GMV per MINISO store.

Eason Zhang, Chief Financial Officer and Vice President of MINISO, commented, "Looking forward into the December quarter, we expect our sales to continue to grow strongly on a year-over-year basis, driven by better store-level performance and store network expansion. Meanwhile, our margin profile will continue to optimize on a year-over-year basis."

Price Action: MNSO shares closed higher by 3.79% at $27.66 on Monday.