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Mar 31, 2024
MINISO Q1 2024 Earnings Report
MINISO delivered strong Q1 FY2024 results with double-digit revenue and profit growth, driven by overseas market expansion and margin improvement.
Key Takeaways
Revenue reached $515.7 million in Q1 FY2024, up 26% YoY. Net income was $81.2 million, and adjusted EPS was $0.27. Gross margin improved to 43.4%, boosted by higher overseas contribution and TOP TOY performance.
Revenue grew 26% YoY to $515.7 million in Q1 FY2024
Net income was $81.2 million; adjusted net income reached $85.4 million
Gross margin expanded to 43.4%, up from 39.3% YoY
Overseas revenue rose 52.6% YoY, accounting for 32.8% of total revenue
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
MINISO expects continued growth driven by store expansion and strategic focus on IP and globalization, with strong outlook for the June quarter.
Positive Outlook
- Store count reached 6,630 with strong quarterly growth
- Revenue from directly operated overseas markets rose 92% YoY
- Gross margin remained higher than December quarter peak
- TOP TOY revenue surged 55% YoY
- Adjusted net margin improved to 16.6%
Challenges Ahead
- Selling and distribution expenses increased 58.5% YoY
- Higher general and admin expenses due to business growth
- Foreign exchange risk from global operations
- Lower revenue from 'Other' category in China
- Continued need for promotional investment in global brand building
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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