MINISO’s revenue was RMB2.77bn ($389.7m) in the first quarter of FY23. Credit: Cedorris / commons.wikimedia.org.

Chinese lifestyle retailer MINISO has reported revenue of RMB2.77bn ($389.7m) for the first quarter (Q1) of fiscal 2023 (FY23), up by 4.5% from the same period of the prior fiscal year (FY22).

In the three months to 30 September, the company’s revenue in China declined by 8.8% year-over-year (YoY) to RMB1.85bn, while its revenue from overseas markets was RMB920.2m, an increase of 47.6% YoY.

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MINISO posted a gross profit of RMB988.6m for the quarter, up by 35.7% YoY and 28.1% from the previous quarter.

The company’s gross margin grew by 35.7%, against a 27.4% increase in the same period of FY21.

Its operating profit rose by 138.6% to RMB509.5m compared with a year earlier.

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MINISO recorded an adjusted net profit of RMB417.4m for Q1 2023, up by 126.6% YoY.

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The retailer’s adjusted basic and diluted net earnings for its American Depositary Shares were both RMB1.36 to a share in the quarter.

MINISO founder, chairman and CEO Guofu Ye said: “We kicked off FY23 with an encouraging set of results headlined by strong margin performance.

“In spite of the short-term headwinds brought on by the pandemic in China, we remained focused on our long-term strategic goals: delivering on our globalisation strategy, bolstering the strength of our product offerings and optimising our store network.

“These efforts are yielding positive results, and we continued to see our overseas operations move further along the path of recovery.

“I am especially pleased to report that our margin profile continued to beat expectations, with adjusted net profit increasing by 127% year-on-year to RMB417m in the September quarter and adjusted net margin reaching its highest ever level at 15.1%.”

Earlier this year, MINISO decided to stop styling itself as a Japanese brand after receiving backlash from some of its Chinese customers.