Director Richard Dennis to Resign From Step One Board
The non-executive director will step down from his position on the company board effective 16 October 2026.
Updated on Oct. 15, 2026 in Business Strategy
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Non-executive director Richard Dennis will depart the Step One board effective 16 October 2026 for personal reasons. Catherine Thompson has been appointed to chair the Audit and Risk Committee on an interim basis.
Why it matters
The board transition follows a difficult financial year for the company, which reported a net loss of $7.4 million in FY26 compared to a $17.4 million profit in FY25. This downturn was largely attributed to subdued consumer spending.
Step One reported a 26.7 percent decline in total sales to $63.7 million for FY26. The firm maintained an adjusted gross margin of 75.9 percent and held $25.8 million in cash and financial assets as of 30 June 2026.
The players
Richard Dennis
He is a non-executive director at Step One who has chaired the company's Audit and Risk Committee since 2021.
Catherine Thompson
She has been appointed to serve as the interim chair of the Audit and Risk Committee at Step One.
Step One
It is an Australian-based company listed on the ASX that specialises in direct-to-consumer apparel and clothing retail.
The details
Richard Dennis, who joined the board in October 2021, previously chaired the Audit and Risk Committee. Amid the decline in performance, the company has focused on rebuilding brand quality by reducing promotional activity and launching six new products in adjacent categories.
Timeline
Richard Dennis joined the Step One board in October 2021.
Step One held $25.8 million in cash and financial assets on 30 June 2026.
The resignation of Richard Dennis becomes effective on 16 October 2026.
Step One operates with a debt-free balance sheet for FY27.
Market Landscape
The company's financial results mirror the broader trends observed in the Australian Bureau of Statistics retail trade volume index. This context highlights the difficulty retailers face when navigating periods of subdued discretionary spending across the country.
The company plans to continue clearing aged inventory and building upon its customer database, which grew to over two million members in FY26. Shareholders may observe these operational shifts as the firm attempts to return to profitability in FY27.
The takeaway
The company is prioritising brand quality and indirect channel growth, which saw an increase of more than 60 percent in FY26. Investors and customers should look to future fiscal periods to see if these strategic product launches and inventory management tactics offset current market challenges.
Further reading
For more information on corporate leadership and performance, visit the Australia Business Strategy section.
Source note: This article includes information reported by Ragtrader.
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