Baby Bunting is an Australian baby products retail chain. Its stores, located across Australia (plus four in New Zealand) but with a focus on Australia's eastern coast, sell baby and children's clothing and items.
History
editBaby Bunting was founded in Melbourne in 1979,[1] and the company became one of Australia's largest infant items retailers.[2] In August 2022, it announced its sales exceeded $500 million dollars for the first time, and in addition to its 65 Australian stores, announced it would be opening its first store in New Zealand.[3] However, the company was also experiencing a squeeze on profit margins.[4]
2023 crisis
editIn early 2023, rising Australian living costs were pressing parents to concentrate on shopping for necessary items such as car seats and other practical items, cutting discretionary expenditure on toys and non-essential items.[2][5] The company, then led by CEO Matt Spencer, reported a 67% drop in profits due to the inflationary pressures, and reported that Spencer would be stepping down as CEO.[6][7][8] On 23 May 2023, it was announced that Mark Teperson, former CEO of Afterpay, was replacing Spencer as CEO.[9] Following profit warnings,[10] the company's share price dropped further in June 2023 after it revealed ‘unprecedentedly low’ sales during a key promotional period.[11]
In August 2023, Baby Bunting opened an online marketplace in an effort to provide more baby products on a single site.[12]
References
edit- ^ "Our Story | Baby Bunting AU | Baby Bunting AU". www.babybunting.com.au.
- ^ a b Barrett, Jonathan (February 17, 2023). "Baby Bunting profit crashes as parents forgo toys in cost-of-living crisis" – via The Guardian.
- ^ Dorgan, Neil (12 August 2022). "Baby Bunting enjoys double-digit growth spurt, opens first New Zealand store". Business News Australia. Retrieved 7 August 2023.
- ^ "Baby Bunting shares smashed on margin downgrade". The Australian. 11 October 2022. Retrieved 7 August 2023.
- ^ "Baby Bunting ‘holds out hope’ as profit crashes, CEO exits", The Australian. Retrieved: 7 August 2023.
- ^ Pattabiraman, Rakshnna (17 February 2023). "Baby Bunting says consumer demand softens; CEO plans to step down". Inside Retail. Retrieved 7 August 2023.
- ^ Cooper, Brooke (February 17, 2023). "Baby Bunting share price plunges as profits tumble 67%". The Motley Fool Australia.
- ^ Koehn, Emma (17 February 2023). "Baby Bunting CEO to exit, profits dive as retail returns to normal". Sydney Morning Herald. Retrieved 7 August 2023.
- ^ "Baby Bunting snares AfterPay executive as new CEO". Australian Financial Review. May 23, 2023.
- ^ Muroi, Millie (6 June 2023). "Baby Bunting slumps as retailers feel pain of consumer crunch". Sydney Morning Herald. Retrieved 7 August 2023.
- ^ Dedovic, Amila (6 June 2023). "Baby Bunting shares plummet after 'unprecedentedly low sales'". Business News Australia. Retrieved 7 August 2023.
- ^ Dong, Irene (2 August 2023). "Baby Bunting launches online marketplace". Inside Retail. Retrieved 7 August 2023.
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