Baby Bunting shares were crushed on Tuesday, falling to their lowest level in five years, after the prams and baby goods retailer cut its guidance following the poor performance of a key promotional sales period last month.
Because of a disappointing “Storktake” event, sales are “well below expectations,” and subsequent gross margin pressure means Baby Bunting now expects full-year net profit to be between $13.5 million and $15 million – 37 per cent below previous guidance for $21.5 million to $24 million.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
