Chinese discount variety store Miniso has reported US$430.2 million in revenue, representing a 26.2 per cent year-on-year jump, on the back of a retail rebound in China and overseas expansion.
The group’s adjusted EBITDA surged 164.3 per cent year on year, reaching $102.9 million. During the period, Miniso opened 74 new stores, taking its store network to 5514 as of March 31.
The group said last month it would expand into four new markets – Panama, Angola, Trinidad and Tobago, and Latvia.
“Miniso’s China business has rebounded strongly in the past few months, as reflected by soaring foot traffic and transaction value in our domestic stores,” said Guofy Ye, founder, chairman and CEO of Miniso. “In overseas markets, our efforts to optimise product design and selection and enhance the in-store experience are also yielding solid results.”
Miniso opened its first flagship store in China in February, after a decade of running its operation in the domestic market. The chain is set to open a flagship store in NYC’s Times Square this month with an updated store design.
