Chinese variety store chain Miniso has reported a gross profit of 1.58bn yuan ($217.1m) in the first quarter of fiscal year (FY) 2024.

This is an increase of 60.2% year-over-year (YoY) and 22.2% quarter-over-quarter.

The company’s gross margin was 41.8% in Q1 FY24, compared to 35.7% in Q1 FY23.

During the quarter which ended 30 September 2023, Miniso delivered revenue of 3.79bn yuan, up 36.7% YoY.

The retailer’s revenue over the quarter was driven by a 34.7% YoY growth in China and a 40.8% YoY growth in overseas markets.

Miniso recorded adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 1.014bn yuan in Q1 FY24, up by 52.8% YoY.

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By GlobalData

Its basic and diluted earnings per ADS increased 48.5% YoY to 1.96 yuan ($0.27) in Q1 FY24.

As of the end of the quarter, the retailer operated 6,115 stores, including 3,802 in China and 2,313 in overseas markets.

The number of TOP TOY brand stores increased by 13 YoY to 122.

Miniso founder, chairman and chief executive officer Guofu Ye said: “We delivered another strong quarter, demonstrating the resilience of our business model and the huge potential of our globalisation strategy. Core Miniso business, including both Miniso offline China and overseas, increased by more than 40% year-over-year, supported by mid-twenties growth in GMV per Miniso store both in China and overseas.

“With a more normalised offline travel in this year, we are able to dedicate more resources into our overseas directly operated markets, the revenue of which has increased by more than 80% for two consecutive quarters. In addition, we are encouraged by our developments in our emerging markets such as the North America market, revenue of which increased by nearly 160% in this quarter year over year.”