$MINISO (MNSO.US)$ Miniso earnings: H2 2022 revenue down 3% ...
Miniso earnings: H2 2022 revenue down 3% YoY to $5.267 billion, net profit up a whopping 127% YoY to $764 million, gross margin at a record 40%. The company intends to declare a special cash dividend of $0.043 per share. U.S. stocks closed up 5% and Hong Kong stocks opened 4% higher.
Gross profit improved mainly due to:
(i) Continued recovery of overseas high margin business drove structural improvement in gross margin, with the revenue share of overseas business significantly increased to 39.5% from 23.5% in 21Q3.
②Domestic Miniso stores rely on brand upgrade strategy to drive gross margin up by 4pct (still expected to have low single digit room for improvement).
Gross profit improved mainly due to:
(i) Continued recovery of overseas high margin business drove structural improvement in gross margin, with the revenue share of overseas business significantly increased to 39.5% from 23.5% in 21Q3.
②Domestic Miniso stores rely on brand upgrade strategy to drive gross margin up by 4pct (still expected to have low single digit room for improvement).
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