Step One Clothing Ltd
ASX:STP
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Step One Clothing Ltd
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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 Drop: Revenue for the first half was $36.3 million, down 24.5% year-on-year due to a strategic shift away from deep discounting and slower clearance of old inventory.
Inventory Provision: A one-off $10.9 million inventory provision significantly impacted profitability, resulting in a reported EBITDA loss of $10 million.
Adjusted EBITDA: Excluding the inventory provision, adjusted EBITDA was $1 million for the half, down from $11.2 million last year.
Indirect Channel Growth: Sales through third-party channels like Amazon, John Lewis, and social commerce grew 75.9% and now represent 18.3% of revenue.
Gross Margin Decline: Adjusted gross margin dropped to 73.2%, down 4.8 percentage points, mainly due to selective price reductions.
Strong Balance Sheet: The company remains debt-free with $24 million in cash and financial assets, and $11.4 million in available cash after commitments.
Customer Metrics: The customer database surpassed 2 million, with a stable order mix and a strong 4.7% conversion rate.
Guidance Beat: Despite disappointing results, revenue exceeded management’s December guidance thanks to stronger than expected Black Friday and Christmas sales.
