MINISO Group Announces March Quarter 2024 Unaudited Financial Results
Financial Highlights
-
Revenue was
RMB3,723.5 million (US$515.7 million ), representing an increase of 26.0% year over year. -
Gross profit was
RMB1,616.5 million (US$223.9 million ), representing an increase of 39.1% year over year. - Gross margin was 43.4%, compared to 39.3% in the same period of 2023.
-
Operating profit was
RMB743.3 million (US$102.9 million ), representing an increase of 29.1% year over year. -
Profit for the period was
RMB586.0 million (US$81.2 million ), representing an increase of 24.4% year over year. -
Adjusted net profit
(1) was
RMB616.9 million (US$85.4 million ), representing an increase of 27.7% year over year. - Adjusted net margin (1) was 16.6%, compared to 16.4% in the same period of 2023.
-
Adjusted EBITDA
(1) was
RMB965.3 million (US$133.7 million ), representing an increase of 36.7% year over year. - Adjusted EBITDA margin (1) was 25.9%, compared to 23.9% in the same period of 2023.
Operational Highlights
- As of
March 31, 2024 , MINISO brand has expanded its retail footprint to a significant milestone of 6,630 stores. This growth was underscored by a remarkable net addition of 217 stores in theMarch Quarter alone, a figure that represents nearly a threefold increase compared to the net new store openings in the same period of last year. - For the first time, MINISO brand has surpassed the 4,000 store mark in mainland
China , reaching a total of 4,034 stores as ofMarch 31, 2024 . This achievement was marked by a net addition of 108 new stores in theMarch Quarter , nearly doubling the net new stores opened in the same period of last year. - Number of
MINISO stores in overseas markets was 2,596 as ofMarch 31, 2024 , with a net opening of 109 new stores in theMarch Quarter , a significant increase from the 16 net new stores opened in the same period of last year. - Number of TOP TOY stores was 160 as of
March 31, 2024 , increasing by 44 stores year over year and 12 stores quarter over quarter.
Note: |
(1) See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information. |
The following table provides a breakdown of the number of
|
As of |
|
|||
|
|
|
|
YoY |
QoQ |
Number of |
5,514 |
6,413 |
6,630 |
1,116 |
217 |
Mainland |
3,383 |
3,926 |
4,034 |
651 |
108 |
—Directly operated stores |
16 |
26 |
29 |
13 |
3 |
—Third-party stores |
3,367 |
3,900 |
4,005 |
638 |
105 |
Overseas |
2,131 |
2,487 |
2,596 |
465 |
109 |
—Directly operated stores |
150 |
238 |
281 |
131 |
43 |
—Third-party stores |
1,981 |
2,249 |
2,315 |
334 |
66 |
Number of TOP TOY stores (2) |
116 |
148 |
160 |
44 |
12 |
—Directly operated stores |
9 |
14 |
17 |
8 |
3 |
—Third-party stores |
107 |
134 |
143 |
36 |
9 |
For more information about
Notes: |
(1) " |
(2) "TOP TOY stores" refers to the offline stores operated under the "TOP TOY" brand, including those directly operated by the Company, and those operated by third parties under the MINISO Retail Partner model. |
Mr. Guofu Ye, Founder, Chairman, and CEO of
Mr.
Unaudited Financial Results
Revenue was
Revenue generated from mainland
Revenue generated from overseas markets increased by 52.6% year over year to
For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release.
Cost of sales was
Gross profit was
Gross margin was 43.4%, compared to 39.3% in the same period of 2023. The year-over-year increase was primarily attributable to (i) higher revenue contribution from directly operated markets which accounted for around 58% of revenue from overseas markets, compared to around 46% in the same period of 2023, and (ii) higher gross margin of TOP TOY due to a shift in product mix towards more profitable products.
Selling and distribution expenses were
General and administrative expenses were
Other net income was
Operating profit was
Net finance income was
Profit for the period was
Adjusted net profit, which represents profit for the period excluding equity-settled share-based payment expenses, was
Adjusted net margin was 16.6%, compared to 16.4% in the same period of 2023.
Adjusted EBITDA was
Adjusted EBITDA margin was 25.9%, compared to 23.9% in the same period of 2023.
Basic and diluted earnings per ADS were both
Adjusted basic and diluted earnings per ADS were both
Conference Call
The Company's management will hold an earnings conference call at 5:00 A.M. Eastern Time on Tuesday, May 14, 2024 (5:00
Access 1
Join Zoom meeting.
Zoom link: https://zoom.us/j/97077291846?pwd=cUlpRG45UWxFaGg5eTlqdHBlaGxDUT09
Meeting Number: 970 7729 1846
Meeting Passcode: 9896
Access 2
Listeners may access the call by dialing the following numbers by using the same meeting number and passcode with access 1.
United States: |
+1 689 278 1000 (or +1 719 359 4580) |
|
+852 5803 3730 (or +852 5803 3731) |
United Kingdom: |
+44 203 481 5237 (or +44 131 460 1196) |
France: |
+33 1 7037 9729 (or +33 1 7037 2246) |
Singapore: |
+65 3158 7288 (or +65 3165 1065) |
Canada: |
+1 438 809 7799 (or +1 204 272 7920) |
Access 3
Listeners can also access the meeting through the Company's investor relations website at https://ir.miniso.com/.
The replay will be available approximately two hours after the conclusion of the live event at the Company's investor relations website at https://ir.miniso.com/.
About
Exchange Rate
The
Non-IFRS Financial Measures
In evaluating the business,
These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using these non-IFRS financial measures is that they do not reflect all items of income and expense that affect
These non-IFRS financial measures should not be considered in isolation or construed as alternatives to profit, net profit margin, basic and diluted earnings per share and basic and diluted earnings per ADS, as applicable, or any other measures of performance or as indicators of
For more information on the non-IFRS financial measures, please see the table captioned "Reconciliation of Non-IFRS Financial Measures" set forth at the end of this press release.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Investor Relations Contact:
Email: ir@miniso.com
Phone: +86 (20) 36228788 Ext.8039
|
||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||
(Expressed in thousands) |
||||||
|
||||||
|
|
As at |
|
As at |
||
|
|
|
|
|
||
|
|
(Audited) |
|
(Unaudited) |
||
|
|
RMB'000 |
|
RMB'000 |
|
US$'000 |
ASSETS |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Property, plant and |
|
769,306 |
|
855,894 |
|
118,540 |
Right-of-use assets |
|
2,900,860 |
|
2,946,327 |
|
408,062 |
Intangible assets |
|
19,554 |
|
15,305 |
|
2,120 |
|
|
21,643 |
|
21,236 |
|
2,941 |
Deferred tax assets |
|
104,130 |
|
100,079 |
|
13,861 |
Other investments |
|
90,603 |
|
107,460 |
|
14,883 |
Trade and other receivables |
|
135,796 |
|
164,536 |
|
22,789 |
Term deposits |
|
100,000 |
|
100,000 |
|
13,850 |
Interests in equity-accounted |
|
15,783 |
|
15,787 |
|
2,186 |
|
|
|
|
|
|
|
|
|
4,157,675 |
|
4,326,624 |
|
599,232 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Other investments |
|
252,866 |
|
334,223 |
|
46,289 |
Inventories |
|
1,922,241 |
|
1,873,861 |
|
259,527 |
Trade and other receivables |
|
1,518,357 |
|
1,440,199 |
|
199,465 |
Cash and cash equivalents |
|
6,415,441 |
|
6,737,918 |
|
933,191 |
Restricted cash |
|
7,970 |
|
2,587 |
|
358 |
Term deposits |
|
210,759 |
|
190,314 |
|
26,358 |
|
|
|
|
|
|
|
|
|
10,327,634 |
|
10,579,102 |
|
1,465,188 |
|
|
|
|
|
|
|
Total assets |
|
14,485,309 |
|
14,905,726 |
|
2,064,420 |
|
||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (COUNTINUED) |
||||||
(Expressed in thousands) |
||||||
|
||||||
|
|
As at |
|
As at |
||
|
|
|
|
|
||
|
|
(Audited) |
|
(Unaudited) |
||
|
|
RMB'000 |
|
RMB'000 |
|
US$'000 |
EQUITY |
|
|
|
|
|
|
Share capital |
|
95 |
|
95 |
|
13 |
Additional paid-in capital |
|
6,331,375 |
|
5,688,562 |
|
787,857 |
Other reserves |
|
1,114,568 |
|
1,078,352 |
|
149,350 |
Retained earnings |
|
1,722,157 |
|
2,304,629 |
|
319,187 |
|
|
|
|
|
|
|
Equity attributable to equity |
|
9,168,195 |
|
9,071,638 |
|
1,256,407 |
Non-controlling interests |
|
23,022 |
|
26,665 |
|
3,693 |
|
|
|
|
|
|
|
Total equity |
|
9,191,217 |
|
9,098,303 |
|
1,260,100 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Contract liabilities |
|
40,954 |
|
39,980 |
|
5,537 |
Loans and borrowings |
|
6,533 |
|
6,411 |
|
888 |
Other payables |
|
12,411 |
|
18,292 |
|
2,533 |
Lease liabilities |
|
797,986 |
|
859,741 |
|
119,073 |
Deferred income |
|
29,229 |
|
39,372 |
|
5,453 |
|
|
|
|
|
|
|
|
|
887,113 |
|
963,796 |
|
133,484 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Loans and borrowings |
|
726 |
|
712 |
|
99 |
Trade and other payables |
|
3,389,826 |
|
3,203,410 |
|
443,667 |
Contract liabilities |
|
324,028 |
|
304,385 |
|
42,157 |
Lease liabilities |
|
447,319 |
|
439,917 |
|
60,928 |
Deferred income |
|
6,644 |
|
6,655 |
|
922 |
Current taxation |
|
238,436 |
|
245,490 |
|
34,000 |
Dividends payable |
|
— |
|
643,058 |
|
89,063 |
|
|
|
|
|
|
|
|
|
4,406,979 |
|
4,843,627 |
|
670,836 |
|
|
|
|
|
|
|
Total liabilities |
|
5,294,092 |
|
5,807,423 |
|
804,320 |
|
|
|
|
|
|
|
Total equity and liabilities |
|
14,485,309 |
|
14,905,726 |
|
2,064,420 |
|
|
||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
AND OTHER |
|
||||||
(Expressed in thousands, except for per ordinary share and per ADS data) |
|
||||||
|
|
|
|
||||
|
|
Three months ended
|
|
||||
|
|
2023 |
|
2024 |
|
||
(Unaudited) |
(Unaudited) |
||||||
|
|
RMB'000 |
|
RMB'000 |
|
US$'000 |
|
Revenue |
|
2,954,148 |
|
3,723,531 |
|
515,703 |
|
Cost of sales |
|
(1,792,403) |
|
(2,107,073) |
|
(291,826) |
|
|
|
|
|
|
|
|
|
Gross profit |
|
1,161,745 |
|
1,616,458 |
|
223,877 |
|
Other income |
|
782 |
|
3,645 |
|
505 |
|
Selling and distribution expenses |
|
(439,018) |
|
(696,027) |
|
(96,399) |
|
General and administrative |
|
(155,206) |
|
(191,341) |
|
(26,500) |
|
Other net income |
|
3,290 |
|
14,829 |
|
2,054 |
|
Reversal of credit loss/
(
c
redit loss)
|
|
4,328 |
|
(667) |
|
(92) |
|
Impairment loss on non-current |
|
— |
|
(3,612) |
|
(500) |
|
|
|
|
|
|
|
|
|
Operating profit |
|
575,921 |
|
743,285 |
|
102,945 |
|
Finance income |
|
33,727 |
|
40,890 |
|
5,663 |
|
Finance costs |
|
(8,646) |
|
(15,909) |
|
(2,203) |
|
|
|
|
|
|
|
|
|
Net finance income |
|
25,081 |
|
24,981 |
|
3,460 |
|
Share of profit of equity-accounted |
|
— |
|
120 |
|
17 |
|
|
|
|
|
|
|
|
|
Profit before taxation |
|
601,002 |
|
768,386 |
|
106,422 |
|
Income tax expense |
|
(130,075) |
|
(182,432) |
|
(25,267) |
|
|
|
|
|
|
|
|
|
Profit for the period |
|
470,927 |
|
585,954 |
|
81,155 |
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
Equity shareholders of the Company |
|
465,505 |
|
582,472 |
|
80,673 |
|
Non-controlling interests |
|
5,422 |
|
3,482 |
|
482 |
|
|
|
|
|
|
|
|
|
Earnings per ordinary share |
|
|
|
|
|
|
|
-Basic |
|
0.37 |
|
0.47 |
|
0.07 |
|
-Diluted |
|
0.37 |
|
0.47 |
|
0.07 |
|
|
|
|
|
|
|
|
|
Earnings per ADS |
|
|
|
|
|
|
|
(Each ADS represents 4 ordinary |
|||||||
-Basic |
|
1.48 |
|
1.88 |
|
0.26 |
|
-Diluted |
|
1.48 |
|
1.88 |
|
0.26 |
|
|
||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
AND OTHER |
||||||
(Expressed in thousands, except for per ordinary share and per ADS data) |
||||||
|
|
|
||||
|
|
Three months ended
|
||||
|
|
2023 |
|
2024 |
||
(Unaudited) |
(Unaudited) |
|||||
|
|
RMB'000 |
|
RMB'000 |
|
US$'000 |
|
|
|
|
|
|
|
Profit for the period |
|
470,927 |
|
585,954 |
|
81,155 |
|
|
|
|
|
|
|
Items that may be reclassified |
|
|
|
|
|
|
Exchange differences on |
|
(7,967) |
|
3,855 |
|
534 |
|
|
|
|
|
|
|
Other comprehensive |
|
(7,967) |
|
3,855 |
|
534 |
|
|
|
|
|
|
|
Total comprehensive income |
|
462,960 |
|
589,809 |
|
81,689 |
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Equity shareholders of the |
|
455,899 |
|
586,166 |
|
81,184 |
Non-controlling interests |
|
7,061 |
|
3,643 |
|
505 |
|
||||||
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES |
||||||
(Expressed in thousands, except for pe r ordinary share , per ADS data and percentages ) |
||||||
|
|
|
||||
|
|
Three months ended
|
||||
|
|
2023 |
|
2024 |
||
(Unaudited) |
(Unaudited) |
|||||
|
|
RMB'000 |
|
RMB'000 |
|
US$'000 |
|
|
|
|
|
|
|
Reconciliation of profit for the |
|
|
|
|
|
|
Profit for the period |
|
470,927 |
|
585,954 |
|
81,155 |
Add back: |
|
|
|
|
|
|
Equity-settled share-based payment |
|
12,089 |
|
30,937 |
|
4,285 |
|
|
|
|
|
|
|
Adjusted net profit |
|
483,016 |
|
616,891 |
|
85,440 |
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
Equity shareholders of the Company |
|
477,594 |
|
613,409 |
|
84,958 |
Non-controlling interests |
|
5,422 |
|
3,482 |
|
482 |
|
|
|
|
|
|
|
Adjusted net earnings per |
|
|
|
|
|
|
-Basic |
|
0.38 |
|
0.49 |
|
0.07 |
-Diluted |
|
0.38 |
|
0.49 |
|
0.07 |
|
|
|
|
|
|
|
Adjusted net earnings per ADS |
|
|
|
|
|
|
(Each ADS represents 4 ordinary |
|
1.52 |
|
1.96 |
|
0.27 |
-Basic |
||||||
-Diluted |
|
1.52 |
|
1.96 |
|
0.27 |
|
|
|
|
|
|
|
Reconciliation of adjusted net profit |
|
|
|
|
|
|
Adjusted net profit |
|
483,016 |
|
616,891 |
|
85,440 |
Add back: |
|
|
|
|
|
|
Depreciation and amortization |
|
84,625 |
|
150,102 |
|
20,789 |
Finance costs |
|
8,646 |
|
15,909 |
|
2,203 |
Income tax expense |
|
130,075 |
|
182,432 |
|
25,267 |
Adjusted EBITDA |
|
706,362 |
|
965,334 |
|
133,699 |
Adjusted EBITDA margin |
|
23.9 % |
|
25.9 % |
|
25.9 % |
Note: |
(1) Adjusted basic and diluted net earnings per ordinary share are computed by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per ordinary share calculation on an IFRS basis. |
|
|||||||
UNAUDITED ADDITIONAL INFORMATION |
|||||||
(Expressed in thousands , except for percentages) |
|||||||
|
|
||||||
|
Three months ended
|
||||||
|
2023 |
|
2024 |
|
YoY |
||
|
RMB '000 |
|
RMB '000 |
|
US$ '000 |
|
|
Revenue |
|
|
|
|
|
|
|
Mainland |
2,153,232 |
|
2,501,665 |
|
346,477 |
|
16.2 % |
-MINISO Brand (1) |
2,000,868 |
|
2,284,791 |
|
316,440 |
|
14.2 % |
-TOP TOY Brand |
137,902 |
|
213,820 |
|
29,614 |
|
55.1 % |
-Others |
14,462 |
|
3,054 |
|
423 |
|
(78.9) % |
Overseas |
800,916 |
|
1,221,866 |
|
169,226 |
|
52.6 % |
Total |
2,954,148 |
|
3,723,531 |
|
515,703 |
|
26.0 % |
Note: |
(1) "MINISO Brand" refers to the revenue generated from MINISO brand including revenue from offline stores, e-commerce and others in mainland |
|
|||||||||
UNAUDITED ADDITIONAL INFORMATION |
|||||||||
NUMBER OF MINISO STORES IN MAINLAND |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
|
||||
|
|
|
|
|
2024 |
|
YoY |
|
QoQ |
By City Tiers |
|
|
|
|
|
|
|
|
|
First-tier cities |
458 |
|
522 |
|
532 |
|
74 |
|
10 |
Second-tier cities |
1,421 |
|
1,617 |
|
1,664 |
|
243 |
|
47 |
Third- or lower-tier cities |
1,504 |
|
1,787 |
|
1,838 |
|
334 |
|
51 |
Total |
3,383 |
|
3,926 |
|
4,034 |
|
651 |
|
108 |
|
|
|||||||||||
UNAUDITED ADDITIONAL INFORMATION |
|
|||||||||||
NUMBER OF MINISO STORES IN OVERSEAS MARKETS |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
As of |
|
|
|
|
|||||||
|
|
|
|
|
|
|
YoY |
|
QoQ |
|||
By Regions |
|
|
|
|
|
|
|
|
|
|||
Asia excluding |
1,182 |
|
1,333 |
|
1,402 |
|
220 |
|
69 |
|||
|
118 |
|
172 |
|
191 |
|
73 |
|
19 |
|||
Latin |
478 |
|
552 |
|
563 |
|
85 |
|
11 |
|||
|
183 |
|
231 |
|
237 |
|
54 |
|
6 |
|||
Others |
170 |
|
199 |
|
203 |
|
33 |
|
4 |
|||
Total |
2,131 |
|
2,487 |
|
2,596 |
|
465 |
|
109 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content:https://www.prnewswire.com/news-releases/miniso-group-announces-march-quarter-2024-unaudited-financial-results-302144280.html
SOURCE