STK released positive Q1 2021 results with revenue declining 8% YoY and NPAT jumping 35% YoY. These results are broadly in line with our expectations, achieving 24% and 28% of our respective 2021 forecasts. NPAT growth was mainly driven by an accelerating shift toward high-margin recycled yarn in STK’s sales mix despite total sales volume declining YoY as apparel demand is still