MINISO Group Gains On Q1 Earnings Beat

MINISO Group Holdings Ltd MNSO reported a first-quarter FY23 sales growth of 4.5% year-on-year to $389.74 million, beating the consensus of $375.91 million.
Gross profit increased 35.7% Y/Y to RMB988.6 million ($139 million). The gross margin was 35.7% versus 27.4% last year.
Operating income for the quarter was RMB509.5 million ($71.6 million).
The number of MINISO stores increased by 425 in the quarter to 5,296 as of September 30, 2022.
It reported Adjusted earnings per ADS of $0.19, which beat the consensus of $0.12.
The COVID-19 pandemic continued to impact the company's operations and results in the quarter ended September 30, 2022, mainly in China.
The company held $844.5 million in cash and equivalents as of September 30, 2022.
Price Action: MNSO shares are trading higher by 17.4% at $8.30 on the last check Monday.

Momentum84.84

Growth20.09

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