Step One’s net profit surges 43.9 per cent

Step One Clothing‘s net profit surged in the last fiscal year, thanks to higher revenue across all its geographies and channels.

The underwear retailer’s net profit soared 43.9 per cent to $12.4 million as revenue jumped 29.7 per cent to $84.5 million.

During the financial year, the company focused on launching the SmoothFit women’s line to expand its women’s offerings. Its women’s line now accounts for 14 per cent of its revenue, up from 12 per cent in the prior year.

Step One also expanded its partnerships and channels such as partnering with Surf Life Saving Australia, allowing the underwear company to increase visibility to new customers.

Its Australian revenue rose 18.3 per cent to $50.9 million while its UK revenue swelled 33.2 per cent to $27.1 million. Its US revenue expanded 261.5 per cent to $6.5 million.

In terms of channel, its direct channel revenue increased 27.7 per cent to $79.9 million and its indirect channel revenue improved 76.5 per cent to $4.7 million. Indirect channels are Amazon and John Lewis.

“Due to our sustained delivery of products that resonate with consumers, we’re well placed to continue expanding our strategic growth initiatives, win market share in our core markets, and expand into adjacencies,” said Greg Taylor, Step One founder and CEO.

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