Miniso delivered a record first quarter as profits and sales skyrocketed thanks to its ongoing global store expansion.
Operating profits for the Chinese lifestyle retailer surged 29% to £81.2m ($102.9m) in the quarter to 31 March.
Sales rose 26% to £406.9m ($515.7m), with revenue from overseas markets representing 32.8% of total figures.
Miniso reported its overseas revenue soared 52.6% to £133.5m ($169.2m), which it attributed to a near 20% rise in average store count in the regions.
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Founder and chief executive Guofu Ye said: “This past March quarter has seen our fastest pace of store openings for the first quarters ever, establishing a robust foundation towards our goal of a net addition of 900 to 1,100 stores in 2024.
“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 initial effect from our IP and globalization strategies.”
Ye said the retailer’s international sales “exceeded even our most optimistic expectations and set a new record for the first quarters”.
“Our strong financial and operational performance across the board continues to reflect the relevance and resilience of our business model and universal appealing of our product offerings,” he added.
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