MINISO Group Q2 Profit Increases

(RTTNews) - MINISO Group Holding Ltd. (MNSO) Friday announced 8.1 percent increase in second quarter, while revenues were up 24.1 percent.

The quaretely profit were RMB591.4 million or $81.4 million, compared to RMB 546.991 million in the prior year.

On adjusted basis, net profit increased 9.4 percent year over year to RMB625.0 million.

Revenue increased to RMB4,035.2 million or $555.3 million, surpassing RMB4 billion for the first time.

Further, the company said its board has authorized and approved a new share repurchase program of up to HKD2 billion over a period of 12 months starting from August 30.

The retailer of trendy lifestyle products featuring IP design said by implementing the Share Repurchase Program, the Company aims to promote the interests of its shareholders, balance the Group's fast growth and its commitment to bringing stable and foreseeable return to Shareholders.

The repurchase shall not be exceeding 10% of the total number of the issued Shares.