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.