Step One Clothing (STP) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a quorum present and acknowledgment of traditional custodians, emphasizing sustainability and ethical practice.

• Board members, executive team, and audit partner introduced; meeting held virtually.

• Agenda included strategic highlights, CEO address, formal business, and Q&A.

Financial performance review

• Revenue reached AUD 86.9 million, up 2.8%; net profit after tax was AUD 12.6 million, up 2%.

• EBITDA was AUD 17.4 million, down 3.7%; cash and financial assets totaled AUD 33.1 million with no debt.

• Gross margins impacted by increased promotional activity; average order values grew.

Strategic initiatives and plans

• Four-pillar growth strategy: product innovation, customer acquisition, channel diversification, and international expansion.

• Launched Cloud Mesh range and expanded women's segment, now 15% of sales.

• Customer base grew 15% to 1,923,000; indirect sales channels up 53%, now 8.2% of revenue.

• Partnerships with Amazon, John Lewis, and social commerce channels matured.

• FY26 focus: operational reset, recalibrated promotional strategy, pricing, inventory management, and brand investment.

• New product launches in FY26 include women's period product and sock range.

• Strategic partnerships launched with the National Basketball League and Basketball Australia.