China-based lifestyle retailer Miniso has generated revenue of 2.95bn yuan ($430.2m) in the third quarter (Q3) of fiscal year(FY) 2023.
The figure represents a 26.2% growth compared to the corresponding period in FY22. The retailer’s revenue grew 18.4% in comparison to the previous quarter.
It reported a gross profit of 1.16bn yuan ($169.2m) in Q3, an increase of 64.4% from the prior year’s quarter and 16.5% against the previous quarter.
Its gross margin for the quarter ending 31 March 2023 was 39.3%, against 30.2% in Q3 FY22 and 40.0% in Q2 FY23.
The retailer’s operating profit was 575.9m yuan ($83.9m), up 308.5% from last year and 28.7% from the previous quarter.
Miniso also reported a significant rise in profit by 408.2% to 470.9m yuan ($68.6m) in Q3 FY23.
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Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter also increased 164.3% to 706.4m yuan ($102.9m).
Miniso founder, chairman and chief executive officer Guofu Ye said: “We delivered a strong start to calendar year 2023 with the best March quarter performance in our history, shaking off three years of uncertainty caused by the pandemic.
“We are pleased to see our domestic operations delivered a well-rounded and encouraging quarterly performance while our overseas operations also moved further along its path of recovery.”
As of 31 March 2023, the retailer operated a network of 5,514 stores, up by 401 in Q3 FY22 and by 74 stores in the previous quarter.
In China, Miniso’s network increased by 186 stores from Q3 FY22 and 58 stores from Q2 FY23.
In overseas markets, the retailer’s network grew by 215 and 16 stores on a yearly and quarterly basis, respectively.
Guofu Ye added: “Miniso’s China business has rebounded strongly in the past few months, as reflected by soaring foot traffic and transaction value in our domestic stores. As our retail partners in China regained confidence and adopted a more bullish business outlook during the quarter, our pace of store openings accelerated.”