Australia's biggest baby goods chain, Baby Bunting Group, has reported a "pleasing" start to the new financial year, with total sales up just over 20 per cent but same-store sales growth moderating.
Baby Bunting, which targets parents of children aged 0 to 3 with products such as prams, cots, nappies and car seats, said excluding new stores, sales were up 10 per cent since late June.
![Baby Bunting CEO Matt Spencer: "I have been pleased with our operational and trading performance so far this financial year."](/web/20161202071020im_/http://www.smh.com.au/content/dam/images/g/s/t/r/l/7/image.related.articleLeadwide.620x349.gstqby.png/1479687602859.jpg)
This is a lower rate of same-store growth than the 15 per cent growth Baby Bunting reported in August - although in line with the company's forecasts that same-store sales growth would moderate.
Baby Bunting on Monday also reaffirmed its earnings before interest, tax, depreciation and amortisation guidance of between $21.5 million and $24.5 million, representing year-on-year growth of between 15 and 31 per cent.
"I have been pleased with our operational and trading performance so far this financial year. We have ticked off many items on our agenda and trading has been meeting our expectations," chief executive Matt Spencer said at the company's first annual general meeting as a listed company.
Now with 39 stores, Baby Bunting expects to open between six and eight stores this year, including in Belrose in Sydney's north before Christmas. It plans more than 80 stores by opening between four and eight a year.
The Melbourne-based company has more than doubled its share price since listing on the sharemarket in October 2015. Its shareholders include Australia's biggest super fund, AustralianSuper.
In August, it beat prospectus forecasts by posting same-stores sales growth of 12.5 per cent, a 31 per cent jump in total sales to $236.8 million and a 38 per cent rise in net profit to $8.3 million.
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