Miniso has reported better-than-expected sales growth for the third quarter as the company achieved a new milestone in its network expansion plans.

For the quarter ended September 30, the variety retailer saw revenue soar 28.2 per cent to RMB5.8 billion (US$814.3 million) above the high end of its previous guidance range of 25-28 per cent.

Revenue from the Miniso brand increased 22.9 per cent to RMB5.2 billion, including a 19.3 per cent uplift in Mainland China and 27.7 per cent in overseas markets. Revenue from Top Toy surged 111.4 per cent to RMB574.5 million.

All operating segments delivered an upward momentum in same-store GMV during the quarter, lifting group-level numbers to a mid-single digit level.

Total number of stores on group level was 8138 as of September 30, representing a year-over-year increase of 718 net new stores.

Miniso store count was 7831, including 4407 in Mainland China and 3424 overseas, while Top Toy store count was 307.

“We are thrilled to see two significant milestones achieved by Miniso Group in the September quarter: quarterly revenue surpassed RMB5 billion for the first time, and global store counts exceeded 8000,” said CEO Guofu Ye.

On the bottom line, the company’s profit was down 31 per cent to RMB443.2 million. However, adjusted net profit was up 11.7 per cent to RMB766.8 million.