MINISO Group Plunges on Missed Q1 Earnings Estimates
MINISO Group Holding Limited (NYSE: MNSO) saw its stock price plummet 8.52% in pre-market trading on Friday following the release of its first-quarter financial results that fell short of analysts' expectations.
The global value retailer reported adjusted earnings per share of 1.88 Renminbi for the quarter, missing the FactSet consensus estimate of 1.97 Renminbi. Revenue for the period came in at $610.06 million, also falling short of the projected $624.52 million. The company's earnings per share of $0.26 showed a year-over-year decline from $0.27 in the same quarter last year.
Despite reporting an 18.9% year-over-year increase in revenue and a 21.1% rise in gross profit, investors appear concerned about the company's ability to meet market expectations in the current economic climate. The miss on both top and bottom lines suggests that MINISO may be facing challenges in maintaining its growth trajectory, leading to the sharp pre-market selloff.
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