The following is a summary of the On Holding AG (ONON) Q1 2024 Earnings Call Transcript:

Financial Performance:

• On Holding AG reported a significant increase in net sales, reaching CHF508 million in Q1 2024 with a gross margin close to 60%.

• This is a first-ever achievement for the company in a single quarter and represents a 30% growth on a constant currency basis.

• Strong sales enabled the company to push gross profit margins higher, leading to a top-line contribution of CHF190.5 million.

• Company reported a net income of CHF91.4 million for Q1, with operating cash flow at CHF81 million and a cash position of CHF584.6 million by the end of the quarter.

Business Progress:

• On Holding AG continued to expand its global reach with successful store openings in Berlin and Portland, Oregon, thereby increasing its total number of stores to over 50.

• The company has made significant strides in diversifying its product offerings and its market reach. Key initiatives include resizing the entire collection, expansion into tennis apparel, and securing a new creative partner, FKA Twigs.

• They have expanded their product range to cater to more sizes and bodies, leading to lower return rates. A new distribution center is operational in Atlanta, and the company is on track with its omnichannel distribution strategy, which includes crucial partnerships with Zalando and Sports Direct.

More details: On Holding IR

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