Australia · Delayed Price · Currency is AUD Step One Clothing Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 revenue fell 26.7% amid the shift away from discounting, although H2 adjusted gross margin improved. FY 2027 priorities include rebuilding profitable growth, improving conversion and targeting positive free cash flow.
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Revenue fell 26.7% to AUD 63.7 million as a deliberate reset prioritized brand equity over volume, resulting in an EBITDA loss but strong adjusted margins. Indirect channel revenue grew 62.3%, while the women's range underperformed. The business remains debt-free and focused on sustainable, profitable growth.
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Revenue fell 24.5% year-over-year to AUD 36.3 million, impacted by a strategic shift away from discounting and a one-off AUD 10.9 million inventory provision. Indirect channel revenue grew 75.9%, and new product launches showed strong early traction.
Fiscal Year 2025
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The AGM highlighted modest revenue and profit growth amid challenging retail conditions, with a focus on product innovation, customer acquisition, and international expansion. Dividends distributed 100% of earnings, and new strategic initiatives aim to drive future growth.
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Revenue grew 2.8% to $86.9M, with EBITDA slightly down and net profit up 2%. U.K. and indirect channels drove growth, while gross margin fell to 76% amid heavy promotions. FY 2026 EBITDA is guided at $10–12M as brand investment and inventory optimization take priority.
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Revenue rose 6.8% year-over-year to AUD 48.1 million, with EBITDA up over 10% and net profit after tax up 15.1%. Growth was driven by strong Australian performance, product innovation, and expansion in women's and indirect channels, while maintaining disciplined marketing spend.
Fiscal Year 2024
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The AGM highlighted strong revenue and EBITDA growth, major expansion in women's and international markets, and a continued focus on sustainability and innovation. All resolutions were put to vote, with a 100% dividend payout maintained and no plans for property investment.
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Revenue grew 30% to AUD 84.5 million and EBITDA rose 51%, driven by strong international and women's segment growth, improved marketing efficiency, and high customer loyalty. Partnerships and a capital-light model support expansion, with no formal guidance issued.