Chinese discount goods retailer Miniso has reported strong first-quarter sales and profit growth for the three months to September 30 as its store network continues to expand internationally.
Sales surged 28.1 percent to US$411.9 million and adjusted net profit to $28.6 million, 80.3 percent higher year on year and 27 percent quarter on quarter.
As of the end of September, Miniso operated 4871 stores, with a net addition of 122 stores during the quarter.
“In spite of the headwinds from the resurgences of the pandemic, rainstorm disaster and weak consumption data in the domestic market in this quarter, we executed our strategies well and our domestic operations recorded an encouraging performance, while our overseas operations moved further along the path of recovery,” said founder, chairman and CEO Guofu Ye.
Part of the growth rate has been attributed to the company’s development of new retail channels, including Top Toy stores, of which 39 opened during the quarter.
While the bulk of the store network is in China (3035), the number of overseas stores grew to 1836.