Chinese lifestyle products retailer Miniso has reported revenue of 4.43bn yuan ($610.1m) in the March quarter of 2025, increasing 18.9% compared to the same period in the previous year.
The company has credited the rise mainly to a 16.5% growth in the average number of stores year-over-year.
During this quarter, revenue from the Miniso brand itself rose by 16.5%, bolstered by a 9.1% rise within mainland China and a significant 30.3% surge in international markets.
Additionally, revenue from the TOP TOY brand soared by 58.9% to 339.9m yuan, largely due to an expansion in store count.
Miniso founder, chairman and CEO Guofu Ye said: “We delivered a solid March Quarter to kick off 2025 and are pleased to see our revenue grow by 18.9% year over year. Our revenue growth was mainly attributable to a 9.1% revenue growth in MINISO mainland China, an acceleration from September and December quarter last year, powered by a solid recovery in same-store sales. Through our steady progress in product mix optimization and strategical store network refinement, we are confident in achieving sustainable and high-quality growth.”
Despite these increases, operating profit for the quarter saw a decline to 709.79m yuan from 743.29m yuan recorded during the same timeframe last year.
The quarter's gross profit for the group stood at 1.96bn yuan, up by 21.1% from the previous year's figure of 1.62bn yuan.
The company’s gross margin also improved slightly by 0.8 percentage points to reach 44.2%, driven by strong revenue of Miniso brand in overseas markets and gross margin of TOP TOY brand.
MINISO CFO Eason Zhang said: “Gross margin for March Quarter reached 44.2%, which was the highest for the past March quarters ever, thanks to our solid performance from overseas markets and TOP TOY.”
The group’s selling and distribution expenses witnessed a significant jump of 46.7% compared to the previous year, totalling 1.02bn yuan.
However, profit of Miniso for the period fell to 416.46m yuan from last year's 585.95m yuan during the same quarter.
Its earnings per share on a diluted basis for ordinary shares also decreased to 1.36 yuan for the March quarter, down from 1.88 yuan in the corresponding quarter of the previous year.
“Entering into 2025, we are facing an increasingly volatile macroeconomic environment. Yet, with over ten years' experience of globalization, unparalleled scale and diversified footprint, we will stay resilient and agile in order to deliver long-term profitable growth.” Guofu Ye added.
As of 31 March 2025, Miniso operated of 7,768 stores, including 7,488 Miniso brand 280 TOP TOY brand stores.
