Underwear retailer Step One Clothing shifts focus to profitability
Online underwear retailer Step One Clothing says the company has changed its focus to profitability in response to volatile trading conditions.
The company sells a range of high-quality, organically grown, ethically manufactured innerwear for a range of body types in the US, UK and Australia.
For the year to June 30, the business expects EBITDA to be in the range of $11 million and $11.5 million while revenue is expected to be approximately 10 per cent below the prior year.
Step One founder and CEO Greg Taylor said the business has successfully pivoted from “prioritising top-line growth” to concentrating on profitability in response to ongoing challenging trading conditions.
“I continue to be confident in the significant opportunity ahead to build our position as a leading global brand for innovative, sustainable and quality innerwear products, which we are well positioned to take advantage of growth as macroeconomic conditions ease.”
Full-year audited results will be published on August 24.
- Further reading: Online underwear retailer Step One downgrades outlook
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