Michelle Cheng's questions to MINISO Group Holding Ltd (MNSO) leadership • FY 2024
Question
Michelle Cheng asked about the drivers for China's same-store sales performance, the strategy for different store formats, the profit outlook for the U.S. market, and potential gross margin improvements for overseas directly-operated stores.
Answer
Executive Guofu Ye explained that larger stores (>300 sqm) are recovering better and the company is focusing on the new, successful 'IP Land' format. For the U.S., the strategy involves targeted expansion in 24 key states to improve efficiency and logistics. Ye acknowledged that while overseas directly-operated stores currently have the lowest margin, they hold significant long-term potential, with a target operating profit of 20%.