Miniso profit triples as Chinese budget retailer expands global footprint
Chinese discount chain Miniso reported a tripling of net profit to 1.25bn yuan, driven by strong same-store sales growth and a significant expansion of its international store network.
Chinese budget retailer Miniso has reported a sharp acceleration in financial performance for the first quarter of 2026, with net profit tripling year-on-year to 1.25bn yuan ($180.9m). The result, up from 416.5m yuan in the same period last year, was underpinned by a 28.5% rise in total revenue to 5.68bn yuan, supported by mid-single-digit same-store sales growth across the group.
Operating profit surged 114.3% to 1.52bn yuan, marking a significant improvement in profitability metrics. The operating margin widened to 26.7% from 16.0% in the prior-year period, while the net profit margin increased to 21.9% from 9.4%. Gross profit rose 25.8% to 2.46bn yuan, although the gross margin experienced a slight contraction to 43.3% from 44.2% a year earlier.
The company’s physical footprint continued to expand, with the total store count reaching 8,565 as of 31 March 2026. This represents a net increase of 797 stores year-on-year, including 80 new locations opened since the start of the year. The core Miniso brand operated 8,210 stores, up 722 from the previous year, with 4,593 located in mainland China and 3,617 in overseas markets.
Revenue from the Miniso brand climbed 26.6% to 5.17bn yuan. Mainland China revenue grew by 29.6%, aided by high-single-digit same-store sales growth, while overseas revenue increased by 21.9%, supported by low-single-digit same-store sales growth. Overseas markets contributed 37.5% of Miniso brand revenue, a slight decrease from 39% in the same period last year.
The company’s sub-brand, Top Toy, delivered particularly strong growth, with revenue surging 51.4% year-on-year to 514.5m yuan. The sub-brand’s store count reached 355, an increase of 75 year-on-year. Miniso founder, chairman and CEO Guofu Ye stated the company would continue to deepen its globalisation and IP strategies, focusing on product mix optimisation and store network expansion.
Chief financial officer Eason Zhang highlighted the resilience of the core business, noting that excluding foreign exchange effects, adjusted operating profit would have increased by 14.3% with a margin of 14.7%. Zhang attributed the sustained top-line excellence to the company’s competitive edge in capturing market share and its brand influence.
The financial data was originally published by Retail Insight Network, a GlobalData owned brand, and reflects the company's performance through the first quarter of 2026.
