Miniso, a well-known retailer, reports a 22.6% decrease in earnings by June, totaling 108.6 million euros. However, there's a positive note as sales show an increment.
Miniso Accelerates Growth and Achieves Operating Profit Increase
In a recent announcement, Ye Guofu, the founder, president, and CEO of Miniso, revealed that the company has accelerated its growth in the second quarter and achieved a two-digit improvement in operating profit.
The company's turnover for the second quarter reached 4,966 million yuan (595.5 million euros), marking a significant increase compared to the same period last year. This growth was reflected in the overall revenue, which stood at 9,393 million yuan (1,126 million euros), a 21.1% increase year-on-year.
Miniso's expansion into international markets has been a key contributor to this growth. Revenue from international markets increased by 21.5% to 3,534 million yuan (423.8 million euros). As of now, Miniso operates 3,307 stores outside Asia.
However, the company's net profit for the first half of the year saw a 22.6% decrease compared to the same period last year, amounting to 906 million yuan (108.6 million euros). This decrease was partly due to a 25.3% increase in total expenses, which amounted to 7,847 million yuan (941 million euros).
Despite the decrease in net profit, Miniso has sold 21.1% more in the first half of the year compared to the same period last year, generating 489.7 million yuan (58.7 million euros) in the second quarter alone.
Miniso currently operates 7,905 stores worldwide, with 4,305 stores located in mainland China. The company has added 842 new stores in the last twelve months, expanding its footprint globally.
One of Miniso's most successful brands, Top Toy, contributed 742.1 million yuan (89 million euros) to the total revenue, with 293 stores operating under this brand. Miniso opened additional stores in China, Japan, and Indonesia in the second quarter of last year.
In recognition of its performance, Miniso has declared an interim cash dividend of 0.0724 dollars (0.062 euros) per ordinary share and 0.2896 dollars (0.25 euros) per American Depositary Share.
