Today, MINISO (09896. HK) announced revenue of 3.724 billion yuan in the first quarter of 2024, a year-on-year increase of 26%; Adjusted net profit was RMB617 million, up 27.7% year-on-year. MINISO plans to add a net 550-650 stores in overseas markets in 2024, and expects overseas markets to account for more than half of total sales within two to three years.
FMCG has learned that the focus of MINISO's overseas expansion is in the Asian, African and Latin American markets, and the number of stores has reached 6,630 as of March 31, 2024, of which the number of stores in Chinese mainland has reached 4,034, and the number of stores in overseas markets has reached 2,596, with a net increase of 109 stores in the quarter, a significant increase from 16 stores in the same period last year; The number of TOPTOY stores is 160.
In the domestic market, MINISO's domestic revenue in the quarter was 2.5 billion yuan, a year-on-year increase of 16%. With its unique IP consumption scene experience, MINISO's "super store" has become an important engine for brand performance growth. In overseas business, MINISO's single-quarter revenue exceeded 1.2 billion, achieving a year-on-year growth rate of 53%; TOP TOY achieved quarterly revenue of 210 million yuan, a year-on-year increase of 55%.
In terms of marketing, during the quarter, MINISO became the first Chinese brand to cooperate with Chiikawa IP, and successively launched Chiikawa x Miniso-themed pop-up stores in Shanghai, Beijing, Guangzhou and other cities, which were loved by many consumers. On the occasion of the 65th anniversary of Barbie's IP, MINISO once again joined hands with old friends to create the first national float parade for the 65th anniversary of MINISO × Barbie.
Ye Guofu, the founder, said, "2024 is a new starting point for MINISO's five-year development plan. With full patience and perseverance, we will continue to adhere to the long-term principle, step by step, and steadily implement the development goals for the next five years. ”