MINISO Group Holding Limited (MNSO) plunged 5.25% in pre-market trading on Friday, following the release of its Q3 2024 earnings results. The stock's pre-market plunge came despite the company reporting robust overall revenue growth and continued global expansion.
For the third quarter of fiscal 2024, MINISO reported a 23% year-over-year increase in global revenue to RMB 12.28 billion. However, this figure narrowly missed analyst estimates of RMB 12.41 billion. The company's adjusted net profit grew 14% to RMB 1.93 billion, driven by strong overseas performance and improved gross margins.
MINISO's overseas revenue surged 41% year-over-year to RMB 4.54 billion, accounting for 37% of total revenue. The company opened 859 new stores globally during the quarter, with 449 of those openings happening overseas. As part of its international expansion strategy, MINISO announced plans to acquire a 29.4% stake in Yonghui Superstores, aiming to optimize procurement, develop private-label products, and improve operational efficiency.
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