Miniso’s net profit grew amid a higher store count in the third quarter ended September 30.

The company’s third-quarter net profit rose 4.9 per cent to US$92.4 million while revenue soared 19.3 per cent to $644.5 million.

In the first nine months, net profit jumped 11.6 per cent to $260.2 million while revenue surged 22.8 per cent to $1.75 billion.

“As of September 30, 2024, the group’s total number of stores reached 7420 with a net increase of 859 stores in the first nine months of 2024, representing only one step away from our annual target of 900 to 1100 net new stores,” said Guofu Ye, Miniso founder, chairman, and CEO.

“Both the net growth of stores of Miniso overseas and Top Toy for the first nine months of 2024 exceeded their net growth of stores for the whole year of 2023.”

Meanwhile, the company expects to close the acquisition of a 29.4 per cent stake in Yonghui Superstores Co in the first half of next year.