On Holding Ltd

Latest Results (07.08.2024):

Record Net Sales

On Holding Ltd reported record net sales for the first quarter of 2024, surpassing CHF 500 million for the first time in its history. The total net sales reached CHF 508.2 million, marking a 20.9% year-over-year growth and a 29.2% increase on a constant currency basis. This growth was driven by strong demand and momentum in On's direct-to-consumer (DTC) channel.

Increased Gross Profit Margin

On Holding Ltd achieved a significant increase in its gross profit margin for the first quarter of 2024, reaching 59.7%. This is an improvement from 58.3% in the previous year and is close to the company's mid-term goal of exceeding 60%. The increase was supported by the significant growth in DTC net sales and efficient inventory management.

Record Net Income

For the first quarter of 2024, On Holding Ltd reported a record high quarterly net income of CHF 91.4 million, a 106.0% increase from CHF 44.4 million in the same period last year. The adjusted EBITDA also saw significant expansion, reaching CHF 77.4 million, a 27.0% increase from CHF 61.0 million in the previous year.

Full Year Outlook

On Holding Ltd reiterated its full-year expectation of at least 30% growth in net sales on a constant currency basis for 2024. This translates to reported net sales of at least CHF 2.29 billion at current spot rates. The company also expects a gross profit margin of around 60% and an adjusted EBITDA margin in the range of 16.0 - 16.5% for the full year.

Market Expansion

On Holding Ltd continues to expand its market presence, supported by athlete successes and initial launches in newer verticals such as Tennis and Training. The company's increasing performance credibility and market share gains with runners globally are part of its mission to become the most premium global sportswear brand.