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MINISO Group Holding Limited American Depositary Shares, each representing four Ordinary Shares
Q4 2021 Earnings Conference Call
3/3/2022
spk_0: ladies and gentlemen were thank you for standing bar and a welcome to me feel good holding ltd earning conference call for the second quarter of physical year twenty twenty two that ending the december thirty one twenty twenty one out of based on all participants are you a lethal only moved up the manage and parent remark will contact of question and answer session please note fifty one is being recorded lol i like your hand the conference over to your house speaker today they the even john director of capital markets please go ahead ethan
spk_1: thank you i wrong or thank you all or during our of a cold probably have a long his coffee or net result of the earth days the earliest relief is now available our investor relations refs arts at i are mean thought or come they were here from our chairman and ceo is or for year we've got a call with an overview of a business will be followed by out demo the steven john we are just a financial results in more detail or with the car crash it's before continue i'd like to refer you to the thick or thin and your earnings press release it also applies to this call as really make all of the demands
spk_2: this autumn know that were just got no i first measures days which we have explained and reconciled not comparable measures or that on a national police report is tender in the company is and press release the fighting spirit the fcc with that are now ten the car over to miss yeah
spk_3: if go have to pay a hotline act and yeah move i'll be on the i know tires are you not you don't have all jockey but uganda johnny the all or handle the
spk_1: but as it was ugly or you'll just don't either nice option that tennis and
spk_3: thank you hello iran and welcome to end of december cotton too long or news conference call on third call i are shower major developments or of business and then talk about the strategic upgrade a human so brand the the your with you that thank you don't know you'll be good and gentlemen yes without to them he badgers eager to give me a dominant in the than got you back to the cigarettes what you a million children either ear to the way the movie as she didn't she has to be done that i've heard about the of the public was a sort of the natasha enjoy them to needle or don't you see that college and up am the email was all yeah only omelet you then she thought digging she that you don't you like shingle adding a year there was a change your money for forgot you can guide the ladies got to do me a dominant you the yeah well that doesn't either oh how you million kids and yup as the deaf ear totally lindy you back me just say yeah i'm getting that i would have some of this game called the whole to new to injury that compete and up on the joseph genuinely we're on the do the about owning a nice
spk_1: or the i nearly publicity about i will begin with business review during the quarter we added one hundred and ninety one store to all global to now works including one hundred seventy four minutes of those and seventeen top forestalls revenue reached dreaming be two point seven seven billion up to one person yeah oh we're sitting the high end of our guidance wrench a jack not profit with blending the two hundred or ten million at one hundred fifty five percent your year adjusting their margin of seven point seven percent with a high risk in some quarters of the pandemic broke out during calendar to get into one we added six hundred a chain stores to our global still network recruiting by hundred thirty one minutes of those and eighty four top toy stores revenue arrest him indeed ten point one three pm up thirty four percent a year
spk_3: a just not rocket with about him in d six hundred and ninety million up night president you you adjust none margin with six point eight percent compared to four point eight percent a calendar year education and you don't need of to commit sudoku get a the of really have you done other cheek allergies to the gonna yell about empire can be filled up on the do either you're totally to ditched each year can be not bother with oh don't to the where the web and you don't need all when him against last shortage lot do you have children that leads you into don't you to all can be done advantage of your unusual a few other than lot of other slope one eight hundred sure the equivalent other on a regular to up our job to cheat us to do any against other people quit without valid you're doing just that yet have the will probably best we were to the media go higher you go see i hope that what is she each night yang due to the just gotta let him be shut up avenue you're on a junior concede shag out that much his genitalia do you go the choose a juggler your to yeah yeah yeah he does he'll do the computer lola li that you're earning your yeah
spk_1: gonna i a cheat in december quarter means of brand recorded or revenue reminbi two point six pm up seventeen percent year over year revenue from china with in the one point a a bit him up six percent year over year revenue from our just market was running the
spk_4: seven hundred seventy minutes up fifty five percent your the year
spk_1: in china i'll apply stores recorded a higher recovery with an industry average in october total sales increased by nine percent you year from the high water mark of last october and increased by acting percent from the same period in two sniping says recovery rate is about ninety seven percent of the same you're into lighting marriage tier one and to choose that is recovered to ninety five christians and your three and bros it is recovered more than one hundred percent however this growth was interrupted by new wave of the pandemic in november been told ourselves was down six percent your year and seven percent compared to the same period into the night in separately
spk_3: oh the south in december done seven percent compared to the same period he did nothing but thanks to the operating measures for two and the year and promotion can ten total shows was down by only one percent year over year thank you don't wanna money for dungeons and got your battles the other and genuine your to bother on a and teams and yeah put only tobacco truly wanted a trillion a pet angela
spk_5: give you any anemia of other us will get and be the shelter took over out you were to them and it's like i'm not in need of the kenyan issues with aren't you can do he can get shot him but you don't shoot monday under get family little to let the as doesn't yet have it doesn't yet have the money for to cover
spk_1: shut them either being a soul added one hundred thirty three stores are not issue during the quarter and ended december with three thousand one hundred and sixty eight taught in china the that edition or hundred news of stuff in calendar year to to to the one we have successfully completed asked the expansion fan and nearly double the number of two hundred fifty five you hadn't the your tickets and his which demonstrate on arrival extension ability and rich help hundred strong confidence in our business as we continue to panic feed into two or three and below cities an hour walk a new markets probably middle aged sixty percent of newly added taught in the quarter of from the this meeting is being recorded
spk_3: by the end of december we had more than one southern three hundred stores located in two three and loathing it's yeah other amen thank you don't get onto to the leader cheating or two ago the leader failure oh be turned up and leave that out
spk_6: he has aren't ya only a little the clergy that can be to balance the you're working on him when he clears your local just that are the i thought also google obama was just goes live on the judge issued centers you know body see her as you need a clever jersey million of em a you do
spk_3: she went back lance theo food out how are you just about that legal what you will put our less on a check you know show that yeah oh yeah well as you got to go to one of your whole game could tell you it low budget or tablet and without unleashing a few mm come up with a little to your your your will change you don't have enough to get off your me your your would ya feel good the you you don't have a lot of that among the people of i'm a huge your usually have each each object to jump on a psychologist they just don't oversell well how did you run out toward each other have you ever come into will lead us to oh yea so i'm a huge unions you know are you timing could have done yet you know what a pungent the her go hog your are shown to show that yeah on the county's your way that you can get you there he is using your who knew her of the to hello hello
spk_1: all three treasury trend you usually to your meal at the law office moving to our online business revenue from ecommerce with renminbi one hundred seventy million revenue from out your business with around when they get him and he was hundred thirty yen up one hundred thirty percent your years he whole our business including ecommerce and out go contributed eleventh the she's already in terms of use operations those contribution from members with exceeded fifty percent on first time in calendar year and a tent was meanwhile the continue to strategically focus on private shafiq and beach and me program
spk_7: or which i mean program had nearly seven point eight million am a huge in december and all private chappie had accumulated over
spk_1: odd thing didn't shooters menthol is strategically committed to depending human danger but engagement young driving repurchase by providing improved homage and experience to their take all very successful get products and get caught out lot so adding his uncle for the first time we managed to him by consumers too to participate in to product development process the sewers and go were asked to both old down favorite but i design we also launched preserve for this object product online the statistics from the prisoner swap bomb there is for in production projection and merchandise to perish i'm online stores a lot so i've your product went viral on social media attracting more than twelve million page views on shuffle through the thick red you their success is to buy them people to become culprit oh so how products so that young people can have immersive and more friendly new shopping experience
spk_3: like what we're getting lots of case we shall keep testing this tactic while driving either thickness and repurchases and eventually helped grade one for lifestyle a young consumers goblets ella you on meant to each the herd together shall thank you don't know about alleged she doing is she is the region of obama will do lambie do not others so do you like either lucky emily cover the anita to teaching them the bot has to be be the law allows you to totally agree luckily we have a bunch of think like alabama jesus either
spk_1: i was on a gm old your other you can use in alabama says that oh to love avenues of a to changing into the yoga illusion of guess i left think you know hundred level chooses the group for the usual gg yokota suited as sushi moving to overseas operations revenue for the some quota ridged in the seven hundred seventy million or fifty five present your year and a fifteen percent quota oil thanks to the recovery from ten damage and how they spending all the or gym the recalls the to recover to about eighty percent of the same period in two lighting up and his six percent your year with distributor markets recover to eighty percent and directly operated markets seventy percent of the same period and can imagine jim the in the us market for example increased by forty percent from the same theory that into igniting and europe increased by about sixty percent
spk_3: asian countries as a whole also delivered significant improvements from previous coders a positive trend in overseas market has enhanced our confidence to actively expand our business of dependent financial a little us once you don't have that don't you agree with the and to know they should you abandon ship in the city really you don't you gonna do i bet you don't have that as the it'll make lucky you're telling you don't believe what out you your computer valid uses a whole bunch it or tenure huge you're on a union and you to know that was just gonna leave with the family that will you go with the that the buttons
spk_1: when you know how am i guess to you and yeah so the either the each other to the sugar junior yeah you've got your back doesn't either and yeah how the like a lot couldn't you have you're lucky i left it on twenty year million fidelity new yankees and you them what are you about yeah they showed me a painter isn't the however them up woman john cena candy average sales per store and over just marketing a quarter recovered to seventy percent of the same period in into denied him up ten percent every year and thirty percent quota order in the us market so superstore of pass the never in the simpler into tonight image and increased by ten percent update recorded a recovery rate of nine percent in the previous quarter the first door recovered to one hundred percent and a person a canada and mexico ways a number of overseas towards reached one thousand and eight hundred seventy seven by the end of december with not edition of what he wants to during the quarter the calendar year to do to the one we have have passed off to expansion targets and delivered not additional
spk_3: one hundred thirty one means or thoughts there was an empathic suspended both in overseas markets by the end of december down from one hundred fifty seven such stores a quarter gulf have an idea of you know that he junior junior to arizona to go body that something that probably t shirt the new york would have to do that genuine talent you have shown how does your father to the agreement to change it on any color full color pollen again touch integer to do
spk_8: kenny that hundred thank you to accommodate you saw that on a leader thing and climate the lumber mill
spk_3: yet a toyama our human guess what are your budget you don't have a son gamble with us you to do we are talent you got it to what this you
spk_1: but he shouted on television or kid off of the jillian sullivan as good as email with that up toy celebrated his first anniversary in december add the first sub brand incubated and acts strategy top toy have made remarkable achievements a dispersed years established a brand image as a global action stop off at all ordered a saddle promising on the channel covered that it is a large product offerings of our toys and dude a team of high potential talents
spk_3: revenue off topsoil was with be one hundred and thirty million up to the person of a quarter that a number of toys online stores was eighty nine by december including that he dreamworks dollars and seventy six corrections stores through a continuous efforts in online china's top toy has accumulated nearly three years and bands and one point five get million members have a guy who got any teacher that the was no you have i showed the letter of the boss general your belly as good as any children to them already elite other do we did you do kinda muggy to each other either going out you know john candy you a lynching acquainted usual layers of it's hi her
spk_9: each ship without children that i couldn't hear you are you over get on and you double you thought about adults who could yeah not publicly the i have you dodging
spk_3: the huddle even people luck model just judge you gotta say he did you tell me that you go to that you're in college you should have families you know model
spk_1: yeah he did you about his ah yes to the bajo sleep chambliss losing desert similar topical your wife of i mean come on any cut into the ivy it what you believe the don't then let go to be home to the other night only shooters are countless battles with a hollywood i've heard her talk to call on a show it on and you put on a quota however them otherwise top toy continue to make breakthroughs reply to product to trivial of contributor eight percent of offline those and thirty percent of allies doors in december separately but and are gross margin of our property products reached about six if i present and pays a positive route eighty province of all gross margin up toy managed to combine is false another popular carter adamant man young people with our posts in africa track consumers from different segments upon the she reads eg edward gaming in january highlighted top toys leadership in the industry those are the cold branding products from the corporation what encourage and a far exceeded our expectation for example the at one southern person who muscle past he did you figures was sold out in
spk_3: forty eight hours again demonstrated top toys strong british of rapid product and and ip called branding behind their coverage than a top toys never ending oration to capture virus trending topics among young people to reshape consuming bowman's and to enlarge adjustable mark markets of our toys yeah know what i'm i'm her nice option that into interesting you have been you go to father eat he told the what judges a leader
spk_1: you change your job that you with other tissues feel tell toggle would change idea of a new to a hot emily change your fleet kill the that conduct be hostile what i a watch get of other than that of letting your use lot of turtles are sold to leave her daughter although mostly in each year early on and gotta move i have you seen that on a get a union nagged i like to introduce the strategic upgrade of mini so brand
spk_10: during the past eight years of brand has come of glob a household name demonstrated by our entrance into ninety nine countries and regions and all massive now work of more than five thousand stores worldwide you a building hundreds of millions of consumers round the word enjoy life because prize every year
spk_3: it is very important for to keep our strategy and brand position up day and after careful deliberation we have made the decision that twenty twenty two well be the first the open era to strategically upgrade michelle brandt
spk_11: they're gonna it is up
spk_1: lemme just to the chance that tell coaching yeah the the just use that we don't really know what i got to the doing what you don't you let us imagine it and you don't we don't do it how many student the pushing the jungle juice you showed it to cheat that's heavy ammo got your daughter of a it she does your buddy
spk_3: in china we plan to for the upgrade minutes of brand with a valid proposition not been a alliance on the basis of our established advantages in product quality and affordability with the call of our brand grow up great strategy thing from product recognition to brand recognition will make efforts in the falling three aspects cowardly round the topic of interest based consumption i mean document and you would only originality coming just when will you get you to do the family got this dump the apostolic on the gel good ol coach he added up to lead to dump against you not have enough have ah yes the leaders usually that was used to run and still got any john how are you i wonder how much heavier than just fell off the oh yea we're gonna change i mean yes ah the hammond indiana
spk_1: adam years you kinda be fully wheeler dahlia we you have any other a meat she's little better prada wise the upgraded of not necessarily mean raising prices of all means of products we currently asking at that price is all about seventy percent of all products will remain stable and ministers brand promise to offer consumers value and for a bit it is not going to change
spk_3: while new products will be more focused or the interest fish consumption i offer a more getting used only and i for less than we used to we believe the strategic upgrade in product glass the real driver daddy offering on such new products reach have high a premium and we a few of you to browse were also building a robot i fly of new blockbuster products of pathetic important to effectively capture more consumer mindshift
spk_1: i'm going home while move he was yeah polly's are you a hint of the gumption that onboard each and you want you as she got to do to lessen of between aka are you are one a family family's yeah i'm into action as the collision korea ago that into that google with any you know you'll be left be hard to what kinda accounted for that
spk_12: marketing why we plan to take just matic approach and first lunch all branding campaign into your wine to to it is the hands or brand image at a global brand
spk_3: by leveraging are address in appearing use police and i fully products and sticking to our call strategy or product or even brand agree and with dr you dude of value proposition and brand image representing one alive among humor two daughters issue to what did i shot him level to the a diploma those are generally of jeanette the new the letter too many people get hurt mm you go you do more to do you have them that yacht and been getting plenty of the that she doesn't you like yoga other oversight
spk_1: oh for sure how your union any us a a body he has shellfish issues holy shit out just change it all your than that
spk_3: tantalize will continue to penetrating to load your cities it your wine to two cities will focus on optimizing the modern profile means of those with key initiatives such as product next optimization brand image upgrade and price range extension we are also committed to on each kind of strategy he has operations in private chat beach and reach had many programs and ultimately tribe it is gross across ally and api channels ali's any our economies are going up your nexus to the quantity of value or yadav other so did you know hired to do you couldn't handle june gonna need a lawyer in in a corner or that it does a little issue you know that fabulous you'll either shall issue out of the show they show less than one of the journal sheets she just about eating about too bleak i've enjoyed it because you have you can be hostile additional earth the two of them annoying you don't feel that to law her hello to the go on to win again
spk_1: the whole he just left need or don't you get who are trying to show that you don't aka are you are have an bomb will your she's you ill any tv shows up with will apologize if you don't the what the geronimo damage your fearful with i don't fully good at how would you want when i found in of branding to just turning it was a time when ecommerce was booming and the brick and mortar is retiring industry was experiencing a cold water just like day the pandemic have changed consumers shopping patterns and habits but neither the rising of a commas more a pandemic dutch hand consumer pursuit of one for life and it is the promise of mean sauce brand and reason behind all part of success
spk_13: that we enable consumers enjoy life because prize looking ahead and post pandemic era we are more capable and highly competent in cause template delivering long term value to consumers and investors with all content offerings of products that are more appealing useful
spk_14: and playful that conclude my remarks i are not ten the over to our sample or financially thank you hello everyone
spk_15: i will star my remarks he does you view over the femoral caught on the financial read doubt and doesn't provide additional color we got he march caught her
spk_14: please note that ah we'll be referring to now i've had numbers which have excluded share basic comp a fish acts as and a certain now recurring item when you are indeed some her was a top on felon seven billing i'm be increased by ten pay you one percent year over year and the five percent quota of other above the high and obama guidance range o two point five feeling on be to two point five
spk_3: and biddy be the year over year increase will the primarily driven by the growth all our domestic operations and the recovery of our international operations
spk_14: revenue generated from our domestic operation was a top on a zero think the beating i'm be increased by twenty percent a year over year
spk_3: revenue generated from the domestic operation have a meaningful brand was at one point eight eight me beating i'm be increased by fifty percent year over year
spk_16: revenue generated from pompeii was were hundred and your that he won many and be compared to three meeting i'm be in the same period over twenty twenty
spk_14: revenue generated from our international operations
spk_17: was seven hundred and seventeen meaning and be increased by fifty five percent year over year reflagging a consistent improvement all our sales the recovery the oversee the market as a whole
spk_3: from walk while the over called her perspective revenue from our domestic operations
spk_14: remain plate we actually met that the g m will all for those able to store in china during this called her was a comparable to that in the previous quarter revenue from international operation increase the by fifteen percent of the cringe on it
spk_18: both profit was a hundred and sixty three medium be increased by thirty four percent year over year and a nineteen percent quarter over quarter
spk_14: got the margin was thirty one point one percent compared to twenty eight percent a year ago and twenty seven point of for but then okada ago both over the year over year and a quarter over quarter increase where the primarily due to when when you're recognition our country fusion oh international operation increase with from tempe point when pretend that in the same period of twenty twenty to twenty five point nine per ten the english quarter as you know international operation typically has iraq was margin than the over patient and the number two
spk_3: our expending cobra and the ip product offering and eight or thought he had a high growth market in the quarter
spk_14: very and the distributing edited and were three hundred and seventy one many and be increased by twenty when pretend that year over year and a fifteen percent called of potter the year over year increase was the primary attribute to increase of putting our relax either expense lighting the expense and a marketing of a lot of what in line with the year over year revenue girl and a brand awareness employment for both mini though and the top toy
spk_19: the call the all other inquiries was the primary attributed to include that you live in the air and the rental will add to the and
spk_14: gee and a good there were two hundred and fifty million be increased by thirty four percent year over year and the seven pretend that all the of other oh the year over year and a quarter a call to engrave what the primary due to increase the depreciation and amortization of as or land use the right related to our headquarters building projects and that to a laser expand increase the but they never will add you that your as and a professional thirty feet tony into our profitability operating probably was two hundred and fifty five million be increased by three hundred and seventy one than a year over year and the country but then the called our other operating margin was nine point a true percent compared to two point four percent a year ago and eight percent of caught ago
spk_3: a job the than net profit was two hundred and fourteen many be increased the by were hundred and fifty five percent a year year and a sixteen percent all the other color a job the than that margin was seven point seven percent the highest as in written the seven her compared to three pointer seven percent a year ago and the six point nine percent of called ago
spk_20: i just the basic and the dilute is earning for areas were seven
spk_14: tea truth and i'm be in the quarter compared to twenty eight than a year ago and the than a quarter ago only into our balance sheet at all the december and like combine the balance of our cash cash equivalent restrict restricted the case and other in batman was five point of thirty three seven feeling i'm be compared to fix on to one for bally i'm be as all will end of pembroke come into working capital i know what our imagery and the trailer if he will remain
spk_3: fable on both year over year and okada will call your base
spk_14: looking ahead into march called her over twenty twenty two we act the path our total revenue to be between to ponder all beeping i'm be to two point seven billion on the we could represent a increase over seven point seven percent to twenty one point one percent year over year
spk_3: in cabin the year twenty twenty two we currently acts as to open about a all hundred a meaningful thought in china and about three hundred and fifty both in orbit the market as we continue to upgrade the your time over significant on funding the in regard to the timetable of a pandemic a recovery our major market we remain cautious in outlook in terms of without and the stole expansion and a may updates and a job least the operational playing bass on the lead eastern be badman over the pandemic
spk_14: we are encouraged to the by our efficient working capital management and the strong recovery in both public and the don't lie in these call her before we moved to q and a section i would like a do we incorporate our financial strategy week has laid off to the above mentioned the without and the idea of the discipline the environment and wrong through it the same idea we also applied to the strategic the other they have a meaningful bread
spk_3: we have a develop the a thorough financial blame on the the project
spk_0: and the we'll have the plane quickly pay you a small scale before it is in played he a nationwide
spk_21: we'll be will also closely morning during the performance and the gather feedback from the consumer
spk_0: throughout the process to he sure we remain committee that too many though the brand promise oh in neighboring everyone to enjoy life the beatles the rise of we the products that are more appearing more youthful and the more playful that concludes our prepared remarks operator we are now ready to tackle questions thank you were not begin the question and answer session your first question today come from the line or machines him from goldman sachs might open go ahead ah yeah it's all down to how you from the high are he got he got you take a quarter of a have if you now what did he has actually got a when she's not even she quietly patiently they cry maggots on bomb he had been down and talk like them and lucky i think they should not at all sure does it teacher present attacking comment at the hotel what the not as you please championship it up leniency that's happy that i'm invested a billion to hear thing that doping and attention i lay that and peach my hourly wage oh shit you're my she she dated i sat on the shit how how she man that i should have advantage on fema now woman that and i think it to watch him to don't have much you can handle the he against and she going to the fat and she sounded young have been to her wedding
spk_22: got easier to be enough does your the when went not yoga when he recounts why why the intrusive gonna go on the ya que vous oh how i can you have found out that the at my manama i can't wait until she die out about at hiding places than half of she's now i'm a huge financial all she wanted i'm a while wanna talk ha ha ha not make what a fuck
spk_3: yeah for you to get cleaned idea the about actual not not for the with of young shots ago only not actually went now with the engine that i encounter ah i have two questions for management or one is off with a brand operate our challenge of measure that are they are focusing on a prenup way specifically seventy percent off their products will be feel with table pie but our thirty percent of the pilot products likely to have a more premium to offer each so what exactly are these are potter like and other things are we are are a penetrating a lot your cds so how do we balance or these are penetration strategies both a fan of quesada cheek and second question about overseas extension the we have three hundred a piece to was opening party be here joke which areas will be the focus and are sufficiently us by kind of a thought amato are we focusing on and also path will be the impact on the margins thank you they know
spk_8: the my pew pew messenger good huge yeah we didn't want to vomit the color the that pubescent you you with his new ideas build a model
spk_3: gov bobby messenger tenth anniversary coming under the image of as was visiting ibiza beyond a huge you the church it off the you each other she have you is cheryl to watching them to be shunted off that it yet have you buy them for the use of won't be sure to hike is neither highlight some of the woman oh it to will haka how you how under the are telling you are time into about the me all over the fondness for your the a to the happens but it could share a meal had you not be with having the us and neither highlight this or that yeah the when it a shot of without she job
spk_23: a shorter than usual
spk_5: gotta to actually when she's one of the down the with a boy hm and you just do that against the gotten yeah be the can his
spk_24: who's the one we have the with off with the just other with up over time in canada to than a children do not it did aged any woman who the a year
spk_8: the a view timing gene of juggler tell them to their job was a a made up that the woman you need
spk_1: flu shows you need to get ammunition with children at the jungle agree that the judges the ab work competitive little juggle google it's only the one that's a thought of we don't want needleman on monday and a shot of along couldn't just the and earlier than going into the or her johansson the relation to the party the funny shuttle to those you'll either gender woman in the be a dental calif he's a good other the i tell you but the be tedious the wonder woman who would you do water careful because he added to put couldn't what on a total you're lucky your color on the show on pubescent you though job it or don't need on monday and glued to their coagulant as a good luck okay i'm sure this is miss yeah your and think it by question in terms of your questions or how to balance you know the rand upgrade and nintendo or got a or it's is my answer i i think brand upgrading as not incompatible with the ten know costs on his on almonte all dogs have bought a bit it is basically the strategic upgrade all units of brand now you should not it it is it is students the same way into branded as product wise shit product price increase men so i think it is necessary to than ten our ability to consumers especially in offline channels but simply emphasizing affordability and cause performance real fell into know homogeneous competition and especially in a chinese ally channels and ecommerce landscape the which is that of a detrimental to our long term development of michelle brand though we must differentiate mental brand from the competition so what differentiates can differentiate use of brand i think we believe that all value lies in providing as we mentioned more appealing more useful and more pay for products and it you know offer consumers the one a lifestyle that all products represents and in terms of your questions on the the pricing strategy in larger cities the others we've not with cries across all the odds are as we mentioned currently we are laid back about seventy percent of our our our our products we all are we a ebullient price and or other new products we all know others are you just as consumption and we all have no different i can strategies so oh yeah oh what you want to stress here again that you're not we'll we'll still out here to our affordability of or products the will now significant increase price but we are probably a job i a strategy or some products are some or know are we have a job is the price of all ip products intended to his wife and the printed in the results in the past several quarters very satisfactory and or our that category for such as the for fema the to humorous all these products or less as if to prize and have hired no recognition of ip all either rants and we have shared or a field hi that means of those you are in the allowed your cities market have now in terms of are proceeding read in terms of yeah he the have no independent recipes that your wine if you said is
spk_25: and so that means that a consumers in the lotus if market market they choose myth of products not simply because our products are cheap of because they like the products themselves
spk_1: the in the in our implementation process out the our strategic cop rate
spk_14: we'll conduct know how shall pass and the crickets or trial and error and in the whole process a we are constantly of just and are optimized the pricing strategies that we have that of the our brand or upgrade is completed when consumers come through the eyes of to those are the real not the that we are getting more expensive that we are getting the mall the mall we offer more bad than we used to mean terms of second question about
spk_3: the oldest about lunch the best
spk_1: he then monsieur anyhow i would have fewer they didn't he cheated jago and you want up with allah for the woman day are you on yeah you are you from the tyranny and all that you are the highlights to them gotham i wish you the and yeah you don't buy an essential what are largely jago there ya go with our years without a huge you know be a younger than usual that whole new to eat out that to the congo you that he he do try your they'll do that you do with on the region required why appealing and i ios you on that yacht told her you don't get all shit how accurate are you can them or yeah cause he gamble with actually can coded the band natasha ladder yodel go know how they fail to download issue cause you down in the gym with account and i repeat on either are you can agree with you why a media how you and your the peace with you not i'm your guy who led you made or cheat on their national id law me about english lead you pay me anyway the playing on the that had under way to the show you good about rule like the each other people are losing their shit up to your dog at an algorithm indiana you have and the if you're a i think your focus from shot this is didn't circle now based on the latest developments of current authors and then recovery we expect a net increase of three hundred and it just means of tours overseas in calendar year twenty twenty two and about a thirty five percent of this will come from a chair
spk_26: which well we are with have you know are heavily affected by the pandemic in twenty two one that we noted ah
spk_1: improved recovery in the december quarter and the asia is also our
spk_14: no biggest overseas market though we've countries like india and the the have no can continue to open new stores in the past year and about thirty percent of them back from europe the middle east and north africa the the number of stores in the two regions have grown belfast in past few years back or two years and the and the recovery of the can damage this are also better than other areas and another thirty percent belt brought know a marker including two person from let him larger and tenth and from la america and
spk_1: yes we we are all and more direct open or operator stores at in the you know ten and under new concept in the in north america especially in the us and the remaining five percent of this new edition fans well be from other markets thank you that in you gonna cheat all they may not be organ with your thornton the gm when agreement will be major a union town you can know about your feet on us eleven burundian gym leader john level johnny union twenty years ago cannot about your shirt you only learned a lot of the she not was kind how can you can do with your congress you to do that you do mean the were you know my father the get it australia more niblock will found them be a will not an honor to them and yeah yeahs you know how below your family your and my goodness hello billion to your house you're not alone the you cheat that yeah josh earlier than that the younger the huge honor the war dahlia sharia tanya the shuttle that you're totally and you have the bad news on a woman shooters or has yoshi controversy and you can't hardly even the town or do with the him for them machine that a woman do you will actually do that either catchy add that the in the i to my he and then turns off your questions on the you s market though in terms of ah in north american market was up more than ten percent as in in or her
spk_27: sequentially and i'm cursed or betcha average you to store and it was up ten percent from now the same period into liking at including at you know the the united states markets are eleven percent from the same period kitchen
spk_28: nineteen and i in terms of the door opening though in the december quarter we added a new stores in the us market and that by end of december he had out of the kids restored of them at the us though the performance of the
spk_0: at the our turn them on their stores are in the past several months has exceeded all expectations and some you know ah combined the positive impact of how they standing in december or for example the the cells of that months in us markets
spk_29: it exceeded the know our original and by nearly sixty percent but ah let's say will still wait and see will need to load ups are observed longer period and we find that business model and we are of at the present stage we are not your hard to make profits in the south it stretches with audience laughs yeah teach you are here get guns given a censorship
spk_14: thank you for next is lie of loot eat something of happening on each night okay this got hacked a a it off out even in the house lucy eligible to and he'll be going to show them and obama regime shocking angular have gone a he had already shaping up about what it up on a two day i usually had body that farmer and bomb and j got hijacked younger age and arma the hollywood jewish
spk_3: the irony and shiny and you're cutting the year to walk out on you and get added a kenyan they you more pr that show was on the malaya to initiated a genie the deal when you gonna require you to the themes and it up to the carotid artery eating all young and or the sugar yeah can't i guess i owe a daughter to the beaten path and and calmly ideology and cannot enjoy good you are you know here's what been up there wasn't enough i you catch a tougher question it on a yet today that have
spk_14: you're right for both domestic and i'll let the market
spk_3: and could you please give us some guidance onto that tied to revenue growth ethical country it on a competitive landscape though the call the have been going up to you have we think any changes in our competitive landscape i mean both online and offline market thank you be to deal with the a day a woman case will or a girl will now arlene are and yeah tiger yeah yeah i'll show you of in the uk the entry on that would you can keep our holy a for that out the for by and the be highlighted the the him
spk_1: i would rather be home for a while now high eg can go are and yeah you are onion to buy shook one the i to highlight those i'm sure to begin that home you can go yet do you people die you can gonna do yahoo sheer boredom fluctuation domino eight dollars you sure your after that we are taught no woman krieger i really you a woman the the i shall ye olde i know boucher you could go wrong with a little gop publicly issues and i just loved the idea of your ways to get eager cower about and about each on that uber you got some dock that he flew on really you share arlene earning are in yeah or than that either or use all de jager the rt are yeah you know how you are you guys sure you go the navy blue collar i'll usually either come down there now shown you know you you go to the agree that i am was you i'd heard of pr cis either the hoodie cooler and enjoy our yard yeah no do into the are you measure with the arnie or yeah yeah yeah do you go to ah how how the you got to shop and this is stephen think your focus questions and yes we have no given this a top and in guidance in are prepared remarks that so to came to conclude we will be asking it open to open open four hundred news taught him then in china on that it is and three hundred and fifty stores oh shit market on that basis and mean well we also count the argument that the calendar year twenty twenty two on the matter it is in china on just my case it will still continue to recover from the pen damage or although down maybe you know some fluctuations bad i think the big ten years the recovery the topic here with our grief and at the same time we all go believe that our you commerce business can we can ah hi double digits of and your groceries
spk_30: in in next year and top toy out know our toy business
spk_1: it's it will be tough for a second truth ah year and the well no have of our grocery that more than one hundred percent a bit all these assumptions i think the calendar to choose to our top line will have a you know as double digit growth and out your calendar to the was but i want to stress your that
spk_7: the young do not know
spk_3: at the annual guidance are are ready to this is basically
spk_14: the are asked to estimate based on assumptions i mentioned and the and
spk_3: according to the to that are based on out in a business model that is are quite clear and the quite off of the i think we can deliver that kind of topline grows our of my brows well the are absolutely ah well
spk_31: company of very know good without you
spk_1: and we're kitty kitty trinity dollar tweaking the year a year with a high ranking while too high sure given how who are shallow due to as usual quiff who to be it'll buddha darren shan with you know you're here to yard char and drum kit i we want you to quickly i repeat are when deemed a corny that you lol by are you know to read to you go on the ah regular each english or i really have fun to the and what i'm sure go was younger the ago in the gym or ha ha playful woman do for you're gonna be dog home and a you go to your show on the the either show either guidance that either yeah you
spk_7: in terms of your questions on the recent developments of our business
spk_1: so in terms of all overseas markets played it to it the as stabilized with the original authors but you know considering the in december quarter we have know how to see them and how defending ah and a in the march quarter we absolutely wealthy know it's to concerts concerts and decline even out of market that can help you know i know my two years he bought and damage i think ah the current situation we saw the offices of this market i'd say both and in terms in china markets and i think as bad as all you may have a realized
spk_7: that
spk_32: in recent months
spk_3: in china the resurgence this all know local kisses shot and damage as has
spk_8: now and influence to the whole applying which helped industry and benefit is have not reported are increasing cases
spk_10: and a we have no data food prepared or these the at that at the and them resurgence and
spk_3: and domestic operations at so that is why we are take these the desert papaya guidance for the mark or his i would great out would be pretty much finished us on his opposition
spk_24: pneumonia
spk_33: you would usually on yeah
spk_3: you you know good you got a
spk_34: it won't be a hot
spk_3: he isn't young woman to did that and yes as you have a casual casual can out when gonna do couldn't to the cool the havana could put article which are they dug out was a retailer total cost of gg bomb more commercial awkward of it is a junior to that challenge it off neutral like check your father haha
spk_1: get our yellow magenta level the that when you know i'm not either that or the trash don't shout dodging usually showed you that decision to let you couldn't he jumped out there that says you done and when get up with off hello but other than yet to the bundle woman either it they should about other when yet you're you're kind of millions and yeah of the for the jumped off the job with of about what should i knew from the jumped off without others as you can just in may a guy comes up a few throughout the bottom of the electorate of the however or cannot read each you know that whole apple gaga you're getting a little effect you that people today you'll indulge enough to fill at the if there's other oh we just don't think about that of and the see this is mister yeah we're answer your second question is about the competition also during the and damage with i think we'd get three three things right the first is that we adopted a more robust the business or more or business strategy and control the expansion rate of all the fish and reading not did not pressure ah i'll always be distributors but his dad with you are in a various measures to acted actively have distributors to our culture your the or imagery stop an image the secondly be also have not actively expanded our ally channels and know out we have made it clarify that that the army channel strategy we are be found that while our know that you driver in future an online now the camps or about more than ten percent off company's value for several quarters and and the that the the third thing that we can treat we can began to penetration lot if it isn't china and the to know well the are endemic in action is that is last he will act as your line of two cities and to at we continue to know rain they've already has to our youtube hundreds job during these read things downright help has now in china we continue to make sure are radically houses dog rose read every year and at the same time we make sure that are all written punish have a good return on their investment over the past two years know our retail partners not in the total numbers a half the total number of already others
spk_0: as continue to increase and the average number purse or
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