市场见解

Why did the Step One Clothing (ASX:STP) share price plummet 34% today?

The Step One share price has plummeted today.
The post Why did the Step One Clothing (ASX:STP) share price plummet 34% today? appeared first on The Motley Fool Australia. –

The Step One Clothing Ltd (ASX: STP) share price has dropped dramatically this morning following a trading update on a potential GST overclaim.

The Step One share price opened at $1.53 today, a plunge of 34% since yesterday’s close. At the time of writing, shares in the online retailer are still down 29.5%, trading at $1.66. 

Step One prides itself on becoming the manufacturer of the most comfortable men’s underwear on the planet while leaving a positive ethical footprint. Let’s take a closer look at the company’s news today.

Potential GST overclaim

In its release, the company reported a potential overclaim of GST credits on an Australian supply made by a foreign corporation. 

Step One reported that its potential overclaim was limited to just one supplier, and estimated the financial impact for FY22 would be $1.6 million ($1.1 million after tax). The flow-on impact from the overclaim for FY21 would be about $1.3 million ($0.9 million after tax), with FY20 and previous years coming in at $200,000 ($100,000 after tax).

The company said it had reviewed all other foreign suppliers and was in the process of notifying the Australian Taxation Office (ATO).

The company was listed on the ASX just last month, so today’s plunge in the Step One Clothing share price will no doubt come as a blow to shareholders.

The company said it would conduct a full review of its GST in the coming year, and expects its FY22 earnings before interest, taxes, depreciation and amortisation (EBITDA) to be $15 million, as per its prospectus.

With growth on the intended horizon, the company expects its FY22 sales revenue to be up by 21-25% (compared to 19.9%) with the introduction of its women’s innerwear line due next month.

The company will deliver a results announcement on its sales and financial performance for the six months ending 31 December 2021 on 22 February 2022.

How has the Step One share price performed? 

The Step One Clothing share price has fallen by almost 40% in just a few weeks since its initial public offering on 4 November.

The Step One share price soared 10% yesterday, despite no news or announcement being released. However, that boost was short-lived after today’s downward spiral.

The company has a market capitalisation of $307 million and more than 185 million shares issued.

The post Why did the Step One Clothing (ASX:STP) share price plummet 34% today? appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Why did the Step One (ASX:STP) share price rocket 10% today?

2 ASX shares only just starting their growth

Morgans names 2 exciting ASX small cap shares to buy

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

随时随地,交易世界!

移动APP平台,拥有 12 个市场的 50,000 多种全球上市证券(全球市值超过 70%),直接在您的 Android 或 iOS 设备上即可操作。

与独有的交易理念和投资分析工具相结合,帮助您在我们 12 个全球市场中的几乎所有金融工具上找到可操作的见解,从而帮助您优化交易策略。

推荐给您的朋友

向您的朋友推荐Monex并赠予他们免费使用我们交易工具的机会

我们尊重您的隐私,只会向您的朋友发送一封邮件 

与您的朋友分享

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!