On achieves sixth record quarter in a row

On continues to grow across all channels, regions, and products. The company founded in 2010 increased its net sales by 52.3 percent versus the same period of the previous year and by 60 percent on a constant currency basis. This means that the running shoe and clothing manufacturer has achieved its sixth record quarter in a row.

Net sales through the direct-to-consumer channel exceeded the wholesale sales channel, driven by high end-consumer demand, and increased by 54.7 percent year on year. The gross profit margin for the second quarter was 59.5 percent. According to a press release, On “continues on its path to combine strong growth with increasing profitability”. As such, the company achieved a positive net income of 3.3 million Swiss francs for the quarter “despite significant unrealized FX losses”. The adjusted EBITDA almost doubled from 31.4 million to 62.7 million Swiss francs.

Based on these figures and the “ongoing momentum” at the start of the third quarter as well as the “continued positive feedback from its retail partners,” On is raising its forecast for net sales for the fiscal year 2023 to at least 1.76 billion Swiss francs. This corresponds to a growth rate of 44 percent for the entire year and 30 percent for the second half of the year.

On has also reported on its successful brand ambassadors: tennis player Iga Świątek won the French Open women’s singles title. In total, On athletes won 24 podium places at their respective national athletics championships, “further enhancing On's credibility in the performance space.” ce/mm