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Step One Clothing
Step One Clothing (STP) investor relations material
Step One Clothing H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary17 Feb, 2026
Executive summary
Revenue for the first half of 2026 was $36.33 million, down 24.5% year-over-year, reflecting a strategic shift away from discounting and slower clearance of legacy inventory.
A one-off inventory provision of $11.75 million significantly impacted profitability, resulting in a reported EBITDA loss of $10 million and a net loss after tax of $8.47 million; adjusted EBITDA was $1 million.
Indirect revenue channels grew 75.9% year-over-year, now representing 18.3%–20% of total revenue, with strong growth in the UK and via platforms like TikTok Shop.
New product launches in socks, pyjamas, and women's period products received positive early feedback and contributed to category growth, with women's product revenue accounting for 14.8% of total revenue.
The business remains debt-free with $24.01 million in cash and financial assets as of December 31, 2025.
Financial highlights
Adjusted gross margin was 73.2%, down 4.8 percentage points year-over-year; reported gross margin was 43%–43.1% due to the inventory provision.
Advertising costs rose to 31.2% of revenue, up 2.2 percentage points year-over-year.
Distribution and fulfilment costs increased to 20.6% of revenue, reflecting higher inventory and new 3PLs.
Operating cash flow was an outflow of $1.4 million, compared to an inflow in the prior period.
Dividends paid totaled $4.4 million, down 14.5% year-over-year, with a 100% payout of earnings for the period.
Outlook and guidance
Focus remains on executing the reset plan: product innovation, brand-led customer acquisition, scaling indirect channels, and expanding internationally.
Brand discounting will be further reduced to reinforce premium positioning.
Dividend payments are expected to resume when retained earnings return to positive.
No financial guidance will be issued; the company maintains financial capacity to pursue expansion opportunities.
Ongoing cost impact of elevated inventory
Social commerce channel growth drivers
Quantify short-term profit sacrifice for UK/US
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Next Step One Clothing earnings date
H2 202618 Aug, 2026
Step One Clothing
Next Step One Clothing earnings date
H2 202618 Aug, 2026
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Frequently asked questions
Step One Clothing Limited is an Australian-based apparel company specializing in designing, manufacturing, and selling men’s and women’s underwear. The company is known for its eco-friendly, comfortable underwear made from bamboo and organic materials. Step One operates primarily through an e-commerce model, delivering its products directly to consumers in Australia, the United Kingdom, and the United States. The company is headquartered in Sydney, New South Wales, and its shares are listed on the ASX.
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