Miniso hits record $89.8m Q4 2023 profit

Its revenue also achieves a record-high increase to $541m.

China-based retailer MINISO recorded a ”historical high” net profit, increasing by 77.3% year-on-year (YoY) to $89.8m in the fourth quarter of 2023, as its revenue also rose by 54%, reaching a record $541m.

In a statement, MINISO said its revenue growth is driven by the 55.7% YoY growth in China to reach $330.6m, as well as the 51.4% YoY increase in its overseas markets operations to reach $210.4m.

"We capped off a remarkable year of 2023 with another strong quarter, with all of our key performance metrics, including revenue, gross margin, and net profit, once again hitting historical highs,” said MINISO Founder, Chairman, and CEO Guofu Ye.

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Ye added that the company opened 1,00 net new stores in 2023 globally, the fastest speed of store openings ever, and targets to open between 900 to 1,100 net new stores annually from 2024 to 2028.

This is to maintain a revenue compound annual growth rate of at least 20%.

“Despite the potential short-term uncertainties in our way to globalization, we remain optimistic about its long-term prospects and will be committed to fully diversifying our operational risks in overseas market,” he said.

“This positive outlook comes from our long-term confidence in China's economic development, our unchanged ambition for offline retail business, and our determination to achieve globalized development. Going forward, we will continue to focus on our long-term strategic goal to become No.1 IP design retail group of the world by bringing happiness to customers worldwide," he added.