New Profile, Old Items
In this game, you only get one profile slot to save your game. However, if you save a new game over your old save profile, you should have all of the items (like clothes and toys) and other accessories from your previous save for us with your new baby.
Easy Money
If you purchase the more expensive toys and sell them back, they'll start coming back to you, allowing you to continue to resell them.
Delete a Profile
Press [R], [X], [B] to delete a profile.