Good point regarding the low growth in website visits, being offset by conversion and a rising average order value. However, I think it's worth bearing in mind other sales channels that they are developing which may not register as Step One website visits. There is the John Lewis UK partnership (online only at this stage) as well as via Amazon. Management pointed to the strength of the Amazon channel in entering new markets (eg. Germany) at relatively low setup cost - although the fulfillment cost might be higher for these sales. The capital light nature of this business is certainly a feature. Also, there was no guidance, just comments about 'being confident in the business outlook'.
STP Price at posting:
$1.82 Sentiment: None Disclosure: Held
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