MINISO Group Holding Limited (NYSE:MNSO) Q3 2024 Earnings Conference Call November 29, 2024 4:00 AM ET
Company Participants
Jack Ye - Founder and Chief Executive Officer
Eason Zhang - Chief Financial Officer
Conference Call Participants
Anne Ling - Jefferies
Samuel Wang - UBS
Lucy Yu - Bank of America
Shiyu Zhang - Huatai Securities
Operator
Ladies and gentlemen, thank you for standing by, and welcome to MINISO's Earnings Conference Call for September Quarter 2024. At this time, all participants are in a listen-only mode. After the management's prepared remarks, we will conduct a Q&A session. [Operator Instructions] And please be kindly noted this event is being recorded. Simultaneous interpret in English will be provided during this call. You may choose a language by clicking the interpretation into Zoom meeting. We have announced our September quarter financial results earlier today and earnings release is now available on our IR website.
Joining us today are our Founder and CEO, Mr. Jack Ye; and our CFO, Mr. Eason Zhang. Before we continue, I'd like to refer you to the safe harbor statement in our earnings press release, which also applies to this call, because we are going to make forward-looking statements. Please note that we're going to 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 U.S. SEC and Hong Kong Stock Exchange. The currency units in Chinese yuan, unless otherwise stated.
In addition, we have prepared the slide presentation for today's call, which contains financials and operational information. If you are using Zoom meeting, you will be able to see it right now. You can also revisit it on our IR website.
Now I'd like to welcome Mr. Ye to deliver the speech.
Jack Ye
[Foreign Language] [Interpreted] Hello, everyone. Welcome to MINISO Group's earnings conference call for September quarter of 2024. As of September 30, 2024, the group added 859 stores on a net basis, including 324 new MINISO stores in China, 449 in overseas and 86 new TOP TOY stores. Both MINISO overseas and TOP TOYs net store addition in the first three quarters has exceeded their respective full-year number from last year as MINISO global store network continued to expand.
In the first three quarters, the company's revenue increased by 23% Y-o-Y to RMB12.28 billion, with average store count increased by 90% with same-store sales growing in a low-single-digit. The world is changing and global retail industry experiencing major reshuffle. Consumers perception continue to evolve. In this time of the great transformation, China retail sector is facing opportunities for breakthrough.