Miniso achieves record revenue in fiscal 2024

Global lifestyle retailer Miniso achieved a 22.8% surge in revenue in the fiscal year 2024 (FY24), reaching 16.99bn yuan ($2.32bn) – a significant rise from the previous year’s 13.83bn yuan.

The company attributed this growth to a 10.9% uptick in domestic sales within mainland China and a 41.9% escalation in international revenue streams for the Miniso brand.

Miniso’s expansion strategy, marked by a 21.8% rise in the average number of stores, synergised with mid-single digit comparable store sales growth in overseas markets, has been instrumental in driving this success.

International sales now constitute a substantial 41.7% of Miniso’s total brand revenue, up from 35.9% in the preceding year.

TOP TOY, another brand under Miniso’s umbrella, also witnessed a 44.7% revenue increase to 983.5m yuan.

The company’s gross profit margins for Miniso soared to a record high of 44.9%, a gain of 3.7 percentage points, culminating in a gross profit of 7.63bn yuan for FY24, representing a 34.0% increase from FY23’s 5.69bn yuan.

Miniso registered operating profits of 3.31bn yuan, a 17.6% year-on-year increase from the previous fiscal year.

However, net finance income experienced a downturn, falling to 25.75m yuan from the previous year’s 161m yuan.

Profits for the period ending 31 December 2024 were 2.63bn yuan, climbing 15.9% compared to the previous year’s earnings.

Miniso concluded the fiscal year with a total of 7,780 stores across its group level, a net addition of 1,219 stores for the full year.

Looking ahead to the fiscal year 2025, Miniso remains optimistic about its growth trajectory amidst favourable market conditions and ongoing implementation of strategic initiatives.

Miniso CFO Eason Zhang stated: “We will prioritise same-store sales growth and improve sales per square meter through further optimising store layouts, refining assortments etc. Meanwhile, we aim to improve store economics through various measures including disciplined spending. Combined with continuous gross margin expansion, we strive to maintain a reasonable and healthy profit margin over the long term.”

In September 2024, Miniso signed share purchase agreements with shareholders of Chinese retailer Yonghui Superstores.

“Miniso achieves record revenue in fiscal 2024” was originally created and published by Retail Insight Networka GlobalData owned brand.

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