MINISO Group Q1 Results Climb, Sees Sales Growth In Q2; Stock Up

(RTTNews) - Shares of MINISO Group Holding Ltd. (MNSO) were gaining around 5 percent in Hong Kong trading after the Chinese value retailer of design-led lifestyle products reported Tuesday higher profit and revenues in its first quarter.

Looking forward into the second quarter, the company projects sales to continue to grow strongly on a year-over-year basis, driven by better store-level performance and store network expansion. Meanwhile, margin profile will continue to optimize on a year-over-year basis.

The company's first-quarter profit was RMB618.28 million or $84.74 million, an increase of 53 percent from last year's RMB404.14 billion.

Earnings per ADS were RMB1.96 or $0.27 in this quarter, up 48.5 percent from RMB 1.32 a year ago.

Adjusted net profit was RMB642.0 million or $88.0 million, an increase of 53.8 percent year over year. Adjusted earnings per ADS were RMB2.04 or $0.28, up 50 percent from last year.

Revenue for the quarter, climbed 36.7 percent to RMB3.79 billion or $519.6 million from prior year's RMB2.77 billion. Revenue was primarily driven by a 34.7 percent year-over-year increase in revenue from China, and a 40.8 percent increase in revenue from overseas markets.

In Hong Kong, MINISO shares were trading around HK$54.80, up 4.68 percent.

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