Chinese lifestyle retailer Miniso has reported sales of 5.79bn yuan ($814.3m) for the third quarter (Q3) of 2025, an increase of 28% compared with the same period a year earlier.
The performance exceeded the upper end of the company’s earlier guidance range of 25% to 28%.
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Same-store sales growth (SSSG) improved across all three of the group’s operating segments in the quarter to September, resulting in group-wide SSSG at a mid-single digit level.
For the core Miniso banner, SSSG was also in the mid-single digit range year-on-year (YOY). This was supported by high-single-digit growth in mainland China and low-single-digit growth in international markets.
The Top Toy brand delivered mid-single digit SSSG growth over the same period.
Gross profit climbed 27.6% YOY to 2.59bn yuan. Gross margin stood at 44.7%, slightly lower than the 44.9% recorded a year earlier.
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By GlobalDataOperating profit came in at 846.6m yuan, marginally below the 852.6m yuan reported in the corresponding quarter of 2024.
On an adjusted basis, operating profit rose 14.8% YOY to 1.02bn yuan, with an adjusted operating margin of 17.6%.
Profit for the period was 443.2m yuan, down from 648.3m yuan a year earlier. Adjusted net profit, however, increased 11.7% to 766.8m yuan.
The company’s adjusted earnings before amounted to 1.35bn yuan, up 18.8% year on year.
Net cash generated from operating activities totalled 1.29bn yuan in the September quarter, translating into an operating cash flow to adjusted net profit ratio of 1.7.
Miniso continued to expand its footprint, with the total number of stores reaching 8,138 as of 30 September 2025, crossing the 8,000-store mark. This represented a net addition of 718 outlets over the preceding 12 months.
The Miniso brand accounted for 7,831 stores at the end of the quarter, an increase of 645 net new locations YOY.
The Top Toy network grew to 307 stores, up by 73 net new stores over the same period.
Guofu Ye, the founder, chairman and CEO of Miniso, stated: “We are thrilled to see two significant milestones achieved by Miniso Group in the September quarter: quarterly revenue surpassed 5bn yuan for the first time, and Miniso Group’s global store counts exceeded 8,000.
“We are steadily progressing toward our goal of achieving full-year positive SSSG for Miniso mainland China in 2025.”
