Step One Clothing Ltd
ASX:STP
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Step One Clothing Ltd
Step One Clothing Ltd. is a direct-to-consumer online retailer for underwear's. The company is headquartered in Melbourne, Victoria. The company went IPO on 2021-11-01. The firm's products include UltraGlyde, 3D Comfort Pouch and Bamboo Fabric. UltraGlyde provides resistant panels, which come with anti-chafe technology. Bamboo Fabric is an organic material, produced in a close-loop system, wicks away sweat and moisture. The firm offers various products, such as Boxer Brief (Longer), Trunk (Shorter) and Boxer Brief +Fly.
Step One Clothing Ltd. is a direct-to-consumer online retailer for underwear's. The company is headquartered in Melbourne, Victoria. The company went IPO on 2021-11-01. The firm's products include UltraGlyde, 3D Comfort Pouch and Bamboo Fabric. UltraGlyde provides resistant panels, which come with anti-chafe technology. Bamboo Fabric is an organic material, produced in a close-loop system, wicks away sweat and moisture. The firm offers various products, such as Boxer Brief (Longer), Trunk (Shorter) and Boxer Brief +Fly.
Revenue Growth: Step One reported revenue of $48.1 million for the half, up 6.8% from the prior comparative period, despite a challenging retail environment.
Profitability: EBITDA increased over 10% to $11.2 million, and net profit after tax rose 15.1%, reflecting a strong focus on profitable growth.
Margins: Gross margin declined to 78%, down from previous levels, due to more value-focused promotions, but advertising costs as a percentage of revenue improved to 29%, down from 34.1%.
Australia Performance: The Australian market grew revenue by over 17%, driven by strong brand awareness and successful collaborations.
Market Strategies: The company remains capital-light and profit-focused in the U.S. and is prioritizing expansion in Australia and the U.K., where it recently launched in-store with John Lewis.
No New Guidance: Management did not provide explicit guidance for FY '25, but suggested the current half's results are the best indicator for future performance.
Dividend: An interim dividend of $0.04 per share, fully franked, was declared, with plans to pay out 100% of earnings again in March 2025.
