MINISO Group Shares Up 6% After Upbeat Q2 Results

(RTTNews) - Shares of MINISO Group Holding Limited (MNSO), a life style products retailer in China, are rising more than 6% Tuesday morning after reporting better-than-expected second quarter results.

Profit for the second quarter increased nearly 95% year-on-year to RMB352.46 million or $52.2 million. Earnings per ADS were RMB1.12 or $0.16 compared with RMB0.60 last year.

Excluding one-time items, earnings per ADS were RMB1.16 or $0.17, that beat the average estimate of analysts polled by Thomson-Reuters of $0.13 per share.

Quarterly revenue, however, decreased 10% year-over-year to RMB2.494 billion or $361.7 million from RMB2.77 billion a year ago. The consensus estimate was for $360.86 million.

MNSO, currently at $18.11, has traded in the range of $4.45-$18.40 in the last 1 year.