Australian underwear brand Step One has reported a revenue boom of 29.7 per cent in FY24, hitting $84.5 million.
This has consequently boosted its net profit by 43.9 per cent to $12.4 million, with earnings before interest, tax, depreciation, and amortisation (EBITDA) surging by 50.8 per cent to $18.1 million.
Step One founder and CEO Greg Taylor said the key metrics lift is a testament to its growth strategy and marketing expertise. This included the expansion of its women’s offering with a new product line, with that revenue growing by 54 per cent from the prior financial year, and which now accounts for 14 per cent of total revenue.
“We expanded our partnerships and channels in FY24 and in doing so increased our visibility to new customers,” Taylor said. “We partnered with Surf Life Saving Australia (SLSA) with a bespoke branded range of underwear from which SLSA earned over $250,000.
“We also continued our partnership with one of the UK’s most respected retailers, John Lewis, which positions our brand alongside globally recognised brands.
“Lastly, we partnered with one of the world’s most sustainable sporting events, Sail GP, through sponsoring the Sydney race.”
Regarding its indirect sales channels, including via John Lewis and Amazon, Step One recorded a 76.5 per cent in sales to $4.6 million. Direct sales through its website make up the largest chunk, which lifted by 27.7 per cent to $79.8 million.
By region, the brand’s core Australian market grew by 18.3 per cent to $50.8 million, with its United Kingdom market up 33.2 per cent to $27.1 million.
Meanwhile, its United States market grew by 261.5 per cent to $6.5 million.
Amid all this, Step One customers grew by 312,000 in FY24 to over 1,670,000 globally.
The underwear brand confirmed it will continue to seek new partnerships to drive customer acquisition as well as test new countries such as Canada and Germany.
“We are excited about the future and remain committed to driving innovation and growth, delivering exceptional value to our shareholders and customers.”