Underwear brand Step One dacked after downgrading sales growth and earnings forecasts
- adamhayden011
- May 17, 2022
- 1 min read
Shares in Australian underwear brand Step One (ASX: STP) have crashed by almost 60 per cent this morning on an unfavourable trading update that downgraded sales revenue growth and EBITDA forecasts.
The company, which sells underwear direct to consumers online, says its sales revenue growth will be in the range of 15 to 20 per cent, compared to previous guidance of 21 to 25 per cent.
In addition, expected proforma EBITDA is revised to the range of $7 million to $8.5 million, down from $15 million previously.
With today’s tremendous sell-off, STP has lost more than $40 million in market capitalisation, down from around $88.9 million last Thursday to just $40.7 million today.
Comments