2.65%Stock in On Holding (ONON) rallied by over 10% in premarket trading as the Swiss sportswear brand reported second quarter revenue well above Wall Street expectations.
After reporting record quartley sales back in May, the ‘on’going momentum for the Swiss sportswear brand has continued for their second quarter. Smashing analyst expectations of around CHF 704 million, On’s net sales were up by 32% year-over-year to CHF 749.2 million for Q2. On’s DTC (direct to consumer) channel also continued its upwards trend with an increase of sales of 47.2% to CHF 308.3 million & wholesale revenue was also up by 23.1% to CHF 441.0 million. Adjusted EBITDA increased by 50% to CHF 136.1 million from CHF 90.8 million compared to the same period last year, while margins improved to 18.2% from 16.0%. The latest Q2 earnings sent stock in On Holding (ONON) rallying by around 10% after smashing Wall Street expectations.
Founded back in 2010 by former Swiss Ironman champion Olivier Bernhard with David Allemann and Caspar Coppetti, On Running is still a relatively new player on the innovative footwear game that has quickly become a key competitor to the likes of adidas, Nike, New Balance, Brooks, Saucony, Asics & Mizuno. On’s running trainer innovation was recently taken to new levels with the launch of their latest Cloud Surfer 2 trainer which utilised the brand’s very own innovative CloudTec Phase® technology. “On” the back of their latest Q2 results, the Swiss sportswear brand has also raised its full year guidance and now expects full-year net sales of CHF 2.91 billion compared to the previous outlook of CHF 2.86 billion. Also don’t forget to subscribe to KULT & follow @kult_recruit to keep up to date with all the latest industry news.
We’re one and a half years into our three-year strategic plan, and the results of our consistent execution and unwavering focus are clearly visible in the outstanding numbers we report today.
Martin Hoffmann – CEO On
