On Holding Sees First Quarter Sales Record on Global Demand
By Karen Roman
Swiss-based On Holding AG (NYSE: ONON) said it had record net sales exceeding CHF 500 million ($551 million) in the first quarter on demand across all product categories.
On’s direct-to-consumer net sales rose 39% to CHF 190.5 million and represented 37.5% of total net sales, it said.
Gross profit rose 23.9% to CHF 303.3 million, while gross profit margin increased to 59.7% from 58.3%, it reported. Net income grew 106.0% to CHF 91.4 million and net income margin expanded to 18.0% from 10.6%.
On’s adjusted EBITDA margin increased to 15.2% from 14.5%, and its adjusted net income grew to CHF 106.5 million, it said. The company reaffirmed its full-year guidance of at least 30% growth in net sales.
“Looking ahead, we’re extremely excited for the months to come, filled with groundbreaking innovations, big partnerships, and the opportunity to have a notable impact in Paris this summer,” said Martin Hoffmann, Co-CEO and CFO of On.
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