MINISO Group Holding ( MNSO ) shares are skyrocketing in the premarket session on Tuesday.

The company reported second-quarter adjusted earnings per ADS of 30 cents, beating the Wall Street view of 27 cents.

Quarterly revenue of $541.038 million beat the analyst consensus of $530.30 million. Revenues soared 54% year over year and 1.3% quarter over quarter.

The second quarter’s gross profit was $233.4 million, representing an increase of 66.2% year over year. Gross margin was 43.1%, compared to 40.0% in the same period last year.

Adjusted net profit in the quarter under review is $93.0 million, representing an increase of 77.0% year over year. Adjusted net margin was 17.2%, compared to 15% in the year-ago period.

Adjusted EBITDA was $140.2 million, representing an increase of 66.8% year over year, while adjusted EBITDA margin was 25.9%, compared to 23.9% in the same period of 2022.

Number of MINISO ( MNSO ) stores reached 6,413 as of December 31, 2023, increasing by 973 stores year over year.

“Since IPO, we have returned RMB2.8 billion to shareholders,” commented Eason Zhang, CFO of MINISO ( MNSO ). 

“Our capital allocation strategy in the future will continue to balance growth and our commitment to bringing stable and foreseeable return to shareholders,” Zhang added.

Dividend: On March 12, 2024, the company approved the distribution of a special cash dividend of $0.2900 per American Depositary Share or $ 0.0725 per ordinary share. The payment date is expected to be on April 9, 2024.

“We currently target to open 900-1,100 net new stores each year from 2024-2028 and maintain a revenue compound annual growth rate of no less than 20%,” said Guofu Ye, Founder, Chairman, and CEO of MINISO ( MNSO ).

Price Action: MNSO shares are trading higher by 11.38% to $19.96 premarket on the last check Tuesday.