What: The Chinese hard discounter is doing extremely well and expanding fast.

Why it is important:  Expansion is taking place in every country of the world.

Chinese discount variety store Miniso reported a 26.2% year-on-year increase in revenue to $430.2 million, driven by a retail rebound in China and overseas expansion. The company's adjusted EBITDA rose by 164.3% year on year to USD 102.9 million. During the same period, Miniso opened 74 new stores, expanding its network to 5,514 stores as of March 31.

The group plans to further expand into Panama, Angola, Trinidad and Tobago, and Latvia. Miniso's CEO, Guofy Ye, attributed the strong performance to increased foot traffic and transaction value in domestic stores and successful efforts to optimize product design and selection in overseas markets.

Miniso posts double-digit growth thanks to overseas performance