By Karen Roman
On Holding AG (NYSE: ONON) said second quarter net sales increased 32% to CHF 749.2 million and direct to consumer net sales rose by 47.2% to CHF 308.3 million.
Gross profit margin increased to 61.5% from 59.9% and adjusted EBITDA margin rose to 18.2% from 16.0%, the company stated.
Adjusted diluted earnings per share decreased to CHF (0.09) from CHF 0.14.
On rasied its full year outlook and now expects net sales to be up at least 31% year-over-year on a constant currency basis, compared to the previous target of 28%. Gross profit margin is aimed between 60.5-61.0%, it said.
“We achieved a remarkable 38.2% net sales growth on a constant currency basis, not by chasing trends, but by building a resilient brand for decades ahead,” said David Allemann, On’s co-founder and Executive Co-Chairman.
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