Chinese budget retailer Miniso’s first quarter (Q1) profit tripled year-on-year (YoY) to 1.25bn yuan ($180.9m), from 416.5m yuan in the same period last year.

Revenue for the quarter rose 28.5% YoY to 5.68bn yuan. The company said the increase was supported by mid-single-digit same-store sales growth at group level.

Revenue from the Miniso brand climbed 26.6% to 5.17bn yuan.

Within that, revenue from mainland China rose 29.6%, helped by high-single digit same-store sales growth (SSSG). Overseas revenue increased 21.9%, supported by low-single-digit same-store sales growth.

Overseas markets contributed 37.5% of Miniso brand revenue, down from 39% a year earlier.

Revenue from Minsio sub-brand Top Toy increased 51.4% YoY to 514.5m yuan.

Gross profit for the quarter ended 31 March 2026 rose 25.8% to 2.46bn yuan.

Gross margin slipped to 43.3% from 44.2% in the same period last year.

Operating profit rose 114.3% to 1.52bn yuan from 709.8m yuan a year earlier.

Operating margin widened to 26.7%, compared with 16.0% in the prior-year period. Net profit margin increased to 21.9% from 9.4%.

As of 31 March 2026, Miniso’s total store count stood at 8,565. That was a net increase of 797 year-on-year and 80 since the start of the year.

The Miniso brand had 8,210 stores, up 722 YoY and 59 year-to-date.

Of those, 4,593 were in mainland China, up 318 from a year earlier while 3,617 were in overseas markets, up 404.

Top Toy had 355 stores at the end of the quarter, up 75 YoY and 21 since the start of the year.

Miniso founder, chairman and CEO Guofu Ye commented: "Entering the second half of 2026, we will continue to deepen our globalisation and IP strategies, driving high-quality growth through continuous product mix optimisation, upgrade and expansion of our store network and leveraging a multidimensional IP matrix. We are firmly advancing with purpose toward our long-term objectives."

Miniso chief financial officer Eason Zhang said: "Our sustained top-line excellence underscores our competitive edge in capturing market share and our unwavering brand influence, powered by another strong SSSG on group level. Excluding FX, adjusted operating profit would have increased 14.3% with a margin of 14.7%, underscoring the healthy growth of our core business."