• 6.7% sales growth, 4.7% comparable store sales growth
• Gross margin up 124 bps to 41.0%
• Underlying NPAT up 44% to $7.2m

Baby Bunting achieved record half-year sales of $271.4m, up 6.7% year-on-year, driven by 4.7% comparable store sales growth and the opening of five new stores. Gross margin expanded 124 basis points to 41.0%, reflecting annualised trading terms and growth in higher-margin private label and exclusive products. The company delivered underlying Pro Forma NPAT of $7.2m, up 44% versus the prior corresponding period, meeting its guidance range. Key highlights include the continued rollout of the Store of the Future format, with six refurbishments completed in the half, and the launch of three small-format BabyBunting Junior pilot stores. The company also scaled online delivery to 100% fulfilment from stores, optimising delivery costs, and launched a new media income stream, BabyBuntingMedia, which is tracking to plan. In New Zealand, the business achieved strong comparable sales growth of 16% and gross margin improvement of 140 basis points, with the pathway to profitability on track.

The company reaffirmed its FY26 guidance for Pro Forma NPAT of $4.5m to $5.5m.

Baby Bunting plans to accelerate its Store of the Future refurbishment program, with six stores to be refurbished in the second half of FY26. The company is also continuing to pilot its small-format BabyBunting Junior stores, with early indicators being encouraging, and will further optimise the model through the second half of FY26 before determining the next phase of expansion.