Baby Bunting’s net profit surged amid higher revenue in the first half as a new product range lifted the average selling price and gross margin.

The baby products retailer saw statutory net profit soar 45.3 per cent to $3.9 million and revenue rise 2.4 per cent to $254.4 million with comparable sales growth of 2.2 per cent.

Gross margin improved to 39.8 per cent, and the company said it is on track to reach 40 per cent for the full year.

The company ended the six-month period with 75 stores after it opened two stores and relocated one.

“Newness in our ranges continues to resonate, with new customer acquisition up 12 per cent on the prior period,” said Mark Teperson, Baby Bunting CEO.

“Our exclusive branded products remain a key traffic driver, and with a strong pipeline of exclusive launches in the second half, we expect this momentum to continue.”

In the first seven weeks of the second half, Baby Bunting’s comparable store sales grew 2.8 per cent.

“We are also progressing our store refurbishment program, with our new store format design now complete,” said Teperson.

“The first refurbishment, in Maribyrnong, Melbourne, began in January and is set to open in April, with three stores launching in this second half.”

For the full fiscal year, the company forecasts pro forma net profit to be in the range of $9.5 million to $12.5 million and comparable store sales growth to be between 0 per cent and 3 per cent.

Last August, the company said its net income plunged 82.8 per cent to $1.7 million as sales declined 4.9 per cent to $498.4 million.