Chinese variety store chain Miniso has posted a revenue jump of 54 per cent year-on-year to US$541.0 million for the quarter ended December 31.

The company’s adjusted net profit was $89.8 million, up 77.3 per cent versus the prior-year period. Same-store sales grew 32 per cent in China and 19 per cent in overseas directly operated markets.

“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 Guofu Ye, founder, chairman and CEO of Miniso.

The retailer ended the quarter with 6413 stores globally, including 3926 locations in China and 2487 stores in overseas markets. It also entered four additional markets, raising the number of overseas markets to 110.

Miniso is targeting about 900 to 1000 net new stores annually for the next four years and a revenue compound annual growth rate of no less than 20 per cent, said Ye.

“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 globalised development,” he added.