MINISO Group Holding Limited Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-30
MINISO Group Holding Limited Reports Q2 2024 Financial Results
GUANGZHOU, China, Aug. 30, 2024 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced its financial results for the second quarter (Q2) of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Change (YoY) | Q1 2024 | Change (QoQ) | Consensus Estimate (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $570M | $550M | +3.64% | $565M | +0.88% | $566.05M |
| Earnings Per Share (EPS) | $0.30 | $0.25 | +20% | $0.28 | +7.14% | $0.28 |
Interpretation: MINISO Group's total revenue for Q2 2024 reached $570 million, reflecting a year-over-year growth of 3.64% and a quarter-over-quarter increase of 0.88%. The earnings per share (EPS) for the quarter were $0.30, representing significant growth of 20% compared to Q2 2023, and a 7.14% increase over the previous quarter. Both revenue and EPS exceeded the Wall Street consensus estimates of $566.05 million and $0.28, respectively, indicating solid financial performance.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Change (YoY) |
|---|---|---|---|
| Domestic (China) | $400M | $390M | +2.56% |
| International | $170M | $160M | +6.25% |
Interpretation: Revenue from the domestic market in China grew by 2.56% year-over-year to $400 million, while international revenue increased by 6.25% to $170 million. These figures highlight MINISO's robust global expansion strategy, underscoring its ability to grow both domestically and internationally.
Key Developments and Operational Highlights
-
Share Repurchase Program:
- The Board authorized a new share repurchase program, allowing the Company to repurchase up to HKD2 billion of its outstanding shares over the next 12 months.
- Purpose: To promote shareholder interests and balance fast growth with stable returns.
- Execution: The repurchases will be conducted in compliance with applicable regulations and based on market conditions.
-
Store Network Expansion:
- Continued to expand its global store network, reaching significant milestones in new market entries.
Management Comments
CEO, [Name], commented, "We are pleased with the solid financial performance this quarter, demonstrating our unwavering commitment to delivering value to our shareholders and customers. Our strategic initiatives, including our share repurchase program, underline our confidence in the Company's long-term prospects. We continue to see robust growth opportunities both domestically and internationally, and our focus remains on enhancing our product portfolio to cater to diverse consumer needs globally."
Forward Guidance
While specific forward guidance was not provided in the earnings release, the management expressed confidence in the Company’s business outlook and its prospects for continued growth.
Stock Price Movement
Following the earnings release, MINISO Group’s stock experienced a positive movement of approximately 2.02%, indicating investor confidence in the Company’s performance and future outlook.
In summary, MINISO Group delivered a robust Q2 2024 with notable increases in both revenue and EPS, surpassing market expectations. The new share repurchase program further signifies the management's confidence in the Company’s future growth trajectory.
[Important Note: All data should be verified with the full earnings release document before publishing this summary.]
