MINISO Reports Q2 2026 Earnings: Strong China Growth, Challenges Abroad
In its second-quarter earnings call for 2026, MINISO (MNSO) reported revenue of RMB 11.5 billion, a year-over-year increase of 22.4%, driven by strong performance in China and the TOP TOY segment. However, adjusted operating profit declined slightly to RMB 1.49 billion due to shifts toward directly operated stores and lower high-margin distributor sales. China revenue grew significantly at 26.2% year-over-year, outpacing national retail growth by a wide margin. The company also expanded its membership base in China to 130 million members, with member-driven sales contributing 77% of total domestic sales. Meanwhile, overseas markets saw mixed results: North America revenue rose sharply at 37%, but Asian and Latin American distributor performance lagged. Looking ahead, management expects high single-digit growth for the second half of 2026 but warned that full-year adjusted operating profit will decline due to inventory prioritization. Store closures in overseas markets are also expected as part of a strategic shift toward directly operated locations.
Tickers: $MNSO
Topics: international expansion membership strategy operating profit revenue growth