MINISO Stock Rises After Q3 Profit Jump: Retail Cheers
By Stocktwits Inc | First Published Nov 29, 2024, 9:23 PM ISTFor the three months ending Sept. 30, its revenue came in at $644.5 million, increasing 19.3% year-over-year.
Shares of MINISO Group Holdings Inc. ($MNSO) were up 3.5% on Friday morning after the retailer posted double-digit revenue growth for its September quarter compared to last year, lifting retail sentiment.
For the three months ending Sept. 30, its revenue came in at RMB4,522.6 million ($644.5 million), increasing 19.3% year-over-year (YoY). Adjusted net profit increased 6.9% YoY to RMB686.2 million ($97.8 million).
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Its adjusted basic and diluted earnings per ADS went up 7.8% from last year to RMB2.20 ($0.31). According to the mean EPS estimates, Miniso was expected to report EPS of CN¥2.41 for the quarter.
"MINISO's global footprints continue to expand steadily. As of September 30, 2024, the Group's total number of stores reached 7,420 with a net increase of 859 stores in the first nine months of 2024, representing only one step away from our annual target of 900 to 1,100 net new stores," Guofu Ye, founder, chairman, and CEO of MINISO, said in a statement.
"Both the net growth of stores of MINISO overseas and TOP TOY for the first nine months of 2024 exceeded their net growth of stores for the whole year of 2023. On the group level, revenue grew 23% year over year to RMB12.28 billion, mainly attributable to 19% growth in average store count and low-single digit same-store sales growth. We are well on track to reach our annual target," he added.
Retail sentiment on the stock improved to 'extremely bullish' from 'bullish' a day ago. Message volumes increased to 'extremely high' category from 'high.'
Giving an update on its acquisition of 29.4% stake in Yonghui Superstores, the company said the deal is moving forward as planned and is expected to be closed during the first half of 2025, adding that no more than 40% of consideration for the transaction will be funded by internal financial resources.
MINISO shares are down 4.59% year-to-date.
($1 = CNY 7.24)
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