Australia's Step One plunges as guidance pulled on sales slump

Step One Clothing

04/12/2025 24:26

** Shares of Step One Clothing STP.AX slip as much as 36.08% to A$0.310, their lowest since June 15, 2023

** Undergarment retailer expects H1 rev of A$30 mln - A$33 mln, down 31%-37% from last year, and EBITDA loss of A$9 mln - A$11 mln from a profit of A$11.2 mln last year

** Co also withdraws FY26 EBITDA guidance with no revised forecast at this stage

** Sales fell short of expectations, and efforts to clear slow-moving inventory failed, leading co to book an A$10 mln obsolescence provision

** 1.6 mln shares change hands, 5.8x the 30-day avg

** Stock down 75% this year

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk))