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MNSO Slumps 8%+ as CN Same-Store GMV Growth Slowdown Arouses Attention
Recommend 7 Positive 15 Negative 4 |
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MNSO (09896.HK) (MNSO.US) logged a 16.2% YoY hike in net profit last year, reaching RMB2.618 billion. However, domestic same-store GMV growth saw a HSD decline, while overseas same-store GMV growth slowed significantly to a MSD rate. The news dented the company’s U.S. stock price by 8.9% last Friday (21st). This morning (24th), its Hong Kong stock opened 4.81% lower, hitting a low of HKD36.1. It last posted at HKD36.2, down 8.35%, with a trading volume of 5.2814 million shares and a turnover of HKD194 million. According to Chinese media, investors raised concerns about same-store pressure following rapid expansion during MNSO earnings call. Management responded that larger stores are currently experiencing better sales recovery, with GMV for stores over 300 square meters already returning to positive growth. The next step will involve merging smaller stores into larger ones, enhancing renovations of older stores, and planning to add 100-200 flagship stores this year. Regarding overseas development, management noted that the number of directly operated overseas stores is in a phase of brisk growth, expecting triple-digit increment this year. While profit margins for overseas directly operated stores are now at their lowest, there is huge room for medium- to long-term optimization. They believed a net profit margin of around 20% would be reasonable for the company. AAStocks Financial News |
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