Chinese lifestyle chain retailer MINISO (NYSE: MNSO, HKEX: 9896) announced its financial results for the fourth quarter of 2023 on March 12.
The financial results show that the fourth-quarter revenue of the Guangdong-based company reached 3.84 billion yuan, with a 54% year-on-year growth rate. According to the report, revenues generated by domestic and overseas markets reached 2.35 billion yuan and 1.49 billion yuan, up 56% and 51% year over year respectively.
MINISO's flagship store in Shanghai
The company's total revenues in 2023 were 13.8 billion yuan, up 40 percent from 2022. Its net income reached 2.36 billion yuan, marking a huge increase of 110%.
2023 saw the number of MINISO stores worldwide reaching 6,413, including 3,926 domestic outlets and 2,487 overseas ones. The company is expected to maintain a net increase of 350-450 stores in China in 2024, and a net increase of 550-650 stores in overseas markets.
In the fourth quarter, MINISO's UK flagship store officially opened on Oxford Street, London, the world's top business district. The store covers an area of nearly 3,000 square feet, with pink as the main tone and incorporating British urban elements into the design. It is the largest MINISO store in the UK to date.
MINISO's UK flagship store
The company's 100th store in the US was opened at the Florida Mall in Orlando in the fourth quarter. The store covers an area of 2,080 square feet and is characterized by eye-catching all-pink decoration. It provides consumers with more than a thousand lifestyle products.
MINISO's 100th store in the US is opened at the Florida Mall in Orlando.
In the fourth quarter, the company also launched several new series of IP products, such as "Zanmang Loopy", "The Night Garden Makka Pakka Series", and "The Super Mario Bros". Currently, MINISO has partnered with nearly 100 well-known IPs around the world, including Disney, Sanrio, Pokémon, Jurassic and Barbie.
MINISO's new series of IP products "Zanmang Loopy"
The lifestyle retailer donated 10 million yuan to establish a charity fund for small animal protection in the last quarter. This fund is the first small animal protection public welfare project funded by an enterprise in China. It is also the largest amount of donations from a single enterprise in the field of companion animal protection in China.
At the beginning of 2024, MINISO set its strategic goals for the next five years, including a compound annual growth rate of no less than 20% from 2024 to 2028 and a net increase of 900-1,100 stores per year. The company expects that the number of global stores by the end of 2028 would nearly double compared to the end of 2023, and IP product sales would account for more than 50% in 2028.
Reporter | Monica
Editor | Nan, James
Photos provided to GDToday
