Equity analyst Andrew Tang said that although the performance was strong it appeared the market had already priced in a strong performance because the share price reaction was “muted”.

But there may also be a stronger birth rate developing and Morgans has quickly shifted retailer Baby Bunting into its best ideas category.

The year ahead also looked promising and Tang said there were signs of growth in the broader economy and “not just the structural growers”.

“We expect that to continue to continue play out for the rest of the year,” Tang said.

“We think globally, with the vaccine roll out and what’s happening here domestically lends itself to a better growth environment.”

He said better economic growth also meant that there was a supportive environment for families that wanted to expand.

“There is strong data out of Medicare suggesting ultrasound numbers are also picking up,” he said.

Ultrasounds are used during pregnancy to check the baby’s development and to help pick up any abnormalities.

That would benefit a retailer like Baby Bunting which had also resumed its store growth.