ASX 200 falls, Melbourne lockdown bites, Baby Bunting drops

The S&P/ASX 200 Index (ASX:XJO) fell 0.6% today in reaction to Melbourne's lockdown. The Baby Bunting Group Ltd (ASX:BBN) share price fell.

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) fell by 0.6% today to 6,807 points.

Here are some of the highlights from the ASX today:

Victoria goes into lockdown

From midnight tonight, the whole of Victoria will enter a 5-day lockdown to act as a "circuit breaker" against the spread of the UK strain of COVID-19 which saw the total number of cases reach 13.

Victoria will go back to stage 4 restrictions which will see people only be able to leave for four reasons: essential work, exercise, care and caregiving and shopping for essential supplies. The exercise and shopping will be only for a 5km distance from home. Masks will need to be worn everywhere except in your own home, with no visitors.

Baby Bunting Group Ltd (ASX: BBN)

The baby and infant product retailer released its FY21 half-year result today.

It reported that total sales increased by 16.6% to $217.3 million against the 26-week prior corresponding period. Same store sales growth was 15%, or 21.8% excluding Victorian stores.

Total online sales growth was 95.9%, with click and collect sales growth of 218%.

Baby Bunting's gross profit margin went up 41 basis points to 37.4%. Pro forma earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 29.7% to $18.5 million. Pro forma net profit after tax (NPAT) grew 43.5% to $10.8 million, with statutory NPAT growing 54.7% to $7.5 million.

The company decided to declare a fully franked interim dividend of 5.8 cents per share, up from 4.1 cents per share.

Comparable store sales growth in the first six weeks of the second half of FY21 was "strong" at 18.5%, bringing year to date growth to 15.7%.

Baby Bunting managing director Matt Spencer said: "Maternity and baby goods are essential products for parents and parents-to-be and are less discretionary in nature. Our strong comparable store and total sales growth performance demonstrates that we continue to deliver on our strategy of growing market share.

"We still have over 90% of sales occurring or being completed in our stores highlighting the importance of our store network across Australia."

The company also announced that it plans to launch a physical retail store network in New Zealand.

The Baby Bunting share price fell 6.6% today in response.  

Crown Resorts Ltd (ASX: CWN)

Crown continued to be in the news today after director and chairman Andrew Demetriou resigned from his positions.

However, the casino business denied that CEO and managing director Ken Barton had resigned. The company said that Crown and Mr Barton are continuing to consider his position.

The operating conditions for Crown Melbourne has been halted because of the Melbourne lockdown.

All gaming activities will cease from midnight tonight, as will food and beverage, retail, banqueting and conference facilities other than for the provision of takeaway meals or meal delivery services. Hotel accommodation can continue to be provided in a reduced capacity.

The Crown share price fell by 1.6% in response.

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

A man sits in deep thought with a pen held to his lips as he ponders his computer screen with a laptop open next to him on his desk in a home office environment.
Share Market News

Broker gives its verdict on BHP shares

Let's see what Bell Potter is saying about the Big Australian.

Read more »

A man in his office leans back in his chair with his hands behind his head looking out his window at the city, sitting back and relaxed, confident in his ASX share investments for the long term.
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

Woman holding gold bar and cheering.
Gold

Why Macquarie expects this surging ASX 200 gold stock could leap another 40%

Macquarie forecasts another year of strong outperformance from this fast-rising ASX 200 gold miner.

Read more »

A young woman looks at here phone as she strides out in an airport dragging her wheelie bag behind her and smiling widely.
Broker Notes

Macquarie tips 15% upside for this ASX 200 industrials stock

Is this transportation business preparing for take-off?

Read more »

Red buy button on an apple keyboard with a finger on it representing asx tech shares to buy today
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another momentous session for ASX shares this Friday.

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Share Gainers

Why BHP, Catalyst Metals, Mesoblast, and Pilbara Minerals shares are shooting higher

These shares are ending the week with a bang. But why?

Read more »

Disappointed man with his head on his hand looking at a falling share price his a laptop.
Share Fallers

Why 29Metals, Atlas Arteria, DroneShield, and Yancoal shares are falling today

Let's see why these shares are ending the week in the red.

Read more »