MINISO Group is enjoying a stellar year, with impressive financial results for the first nine months of 2024. The company reported a 22.8% increase in revenue, reaching RMB12.28 billion (US$1.75 billion), and a 34.1% surge in gross profit to RMB5.42 billion (US$772.3 million). The highlight was a record-breaking gross margin of 44.1%. With the opening of 859 new stores, including 449 overseas, MINISO now boasts a total of 7,420 stores worldwide.
In Q3 alone, revenue rose by 19.3% to RMB4.52 billion (US$644.5 million), while gross profit increased by 28.2%. Adjusted EBITDA reached RMB1.14 billion (US$162.4 million), up 12.4%, and although adjusted net margins experienced a slight decline to 15.2%, this was mainly due to foreign exchange reasons. MINISO’s cash flow remains robust with RMB6.28 billion (US$895.5 million) in hand.
What sets MINISO apart is its international expansion strategy. With the opening of 449 new overseas stores, the company now has a total of 2,936 global stores, including 86 new “TOP TOY” concept stores. The brand’s focus on trendy and affordable lifestyle products is evidently resonating with consumers around the world.
For investors, MINISO is not just a growth story, but a force to be reckoned with in the global retail market. With its strong financial performance and expanding footprint, MINISO is well-positioned for continued success and dominance in the retail industry.
Source
Photo credit www.gurufocus.com