MINISO Group Holding Limited (NYSE:MNSO) Q1 2024 Results Conference Call May 14, 2024 5:00 AM ET
Company Participants
Jack Ye - Founder & Chief Executive Officer
Eason Zhang - Chief Financial Officer
Allis Chen - IR
Conference Call Participants
Michelle Cheng - Goldman Sachs
Lucy Yu - Bank of America Merrill Lynch
Kevin Yin - JPMorgan
Samuel Wang - UBS
Operator
Ladies and gentlemen, thank you for standing by and welcome to MINISO's Earning Conference Call for the March Quarter of 2024. [Operator Instructions] And be kindly noted that this event is being recorded. We have announced our quarterly financial result earlier today. An earnings release is now available on our Investor Relations website at ir.miniso.com.
Joining us today are our Founder and CEO, Mr. Jack Ye; and our CFO, Mr. Eason Zhang.
Before we continue, I would like to refer you to the safe harbor statements in our earnings press release, which also applies to this call as we'll be making forward-looking statements. Please also note that we will discuss non-IFRS financial measures today, which we have explained and reconciled to the most comparable measures reported under the International Financial Reporting Standard in the company's earnings release and filings with the U.S. SEC and Hong-Kong Stock Exchange. The currency unit is Chinese Yuan, unless otherwise stated.
In addition, we have prepared a PowerPoint presentation for today's call, which contains financial and operational information for this quarter. If you are using Zoom Meetings, you should be seeing it right now. You can also revisit it on our IR website later.
Now, I would like to hand the conference over to Mr. Ye. And Ms. Allis Chen from MINISO IR team will translate for Mr. Ye. Please go ahead, sir.
Jack Ye
[Foreign Language]
Allis Chen
Hello, everyone. Welcome to MINISO Group's Earnings Conference Call.
March quarter marked our highest Q1 store opening space ever and laid a solid foundation for the target of net addition 900 stores to 1,100 stores in 2024. Also, we have maintained a solid financial performance, while rapidly expanding our overseas directly operated markets.
Jack Ye
[Foreign Language]
Allis Chen
At the group level, our revenue increased 26% year-over-year to RMB 3.72 billion. The increase were primarily due to an around 19% increase in the average store count and an overall around 9% same-store sales growth. In the current uncertain economic environment compared to the consuming companies of similar scale globally, MINISO have maintained a leading growth rate in the industry.