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Baby Bunting enjoys sales bounce

baby-buntingRetailer Baby Bunting has lifted its first half profit and upgraded its forecasts for full year sales.

Australia’s biggest retailer of infant goods reported a pro forma net profit up 54.7 per cent $4.3 million for the half year to December 27, with revenues up 30.3 per cent to $108.2 million.

It was the first set of financial results from the retailer since it made its stock market debut last October.

“We are delighted to report our first result as an ASX-listed company and to welcome our new shareholders,” Matt Spencer, MD, Baby Bunting, said in a statement.

“This result is a credit to the Baby Bunting team across all of our 35 stores, in our distribution centre, and support office”, he continued.

Baby Bunting says comparable store sales had risen to 11.2 per cent by January 31, but that growth was expected to moderate.

The retailer upgraded its full year sales forecast from $218 million to a range of $225 million to $235 million, with underlying earnings of $16.5 million to $18.5 million.

The news comes following the resignation of Tamalin Mortin from the company’s board.

Mortin will concentrate on her new role as COO of Spotlight Retail Group.

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