Chinese Retails are Rebounding! MINISO 23FY Q3 Revenue Saw Growth of 26%
- Chaileedo Press
- May 16, 2023
- 2 min read
MINISO announced its unaudited financial results for the third quarter of fiscal year 2023 ended March 31, 2023. The company delivered revenue of 2,954.1 million yuan (US$430.2 million) in 23FY Q3, representing an increase of 26.2% year over year.
MINISO, the global value retailer offering a variety of design-led lifestyle products, has released its unaudited financial report for the third quarter of the 2023 fiscal year, which ended on March 31, 2023. The company generated revenue of 2,954.1 million yuan ($430.2 million) in Q3 of fiscal year 2023, saw growth of 26.2% compared to the same period of 2022 and a quarter-on-quarter growth of 18.4%. MINISO reported gross profit of RMB1,161.7 million (US$169.2 million), with an increase of 64.4% year over year and 16.5% quarter over quarter.
As of March 31, 2023, MINISO had a total of 5,514 stores, with a year-over-year increase of 401 stores and a quarter-over-quarter increase of 74 stores. The number of MINISO stores in China was 3,383, showing a year-over-year increase of 186 stores and a quarter-over-quarter increase of 58 stores.
As of March 31, 2023, the number of MINISO stores in overseas markets was 2,131, with a year-over-year increase of 215 stores and a quarter-over-quarter increase of 16 stores. In the third quarter of fiscal year 2023, the company entered two additional countries, bringing the total number of overseas markets it has entered to 106.
Mr. Guofu Ye, Founder, Chairman, and Chief Executive Officer of MINISO, commented, “We delivered a strong start to calendar year 2023 with the best March quarter performance in our history, shaking off three years of uncertainty caused by pandemic. We are pleased to see our domestic operations delivered a well-rounded and encouraging quarterly performance, while our overseas operations also moved further along its path of recovery.”
In April 2023, the GMV of MINISO's offline stores in China showed a year-over-year increase of around 80%, and the average GMV per MINISO store increased by around 50%, excluding the impact of temporary store closures during the same period in 2022. The average GMV per MINISO store in China in April 2023 was around 85% of the level from the same period in 2019, indicating a significant sequential improvement from the previous two months. Additionally, the GMV of MINISO's overseas business increased by around 45%.
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