By Exec Edge Editorial Staff
On Holding AG (NYSE: ONON) reported a 68.7% jump in net sales for 2022 on strong demand for its running shoes.
Net sales rose to CHF 1,222.1 million, surpassing the CHF 1 billion mark for the first time in its history, On said. The company reported a gross profit margin of 56.0%, net income of CHF 57.7 million, a net income margin of 4.7%, and an adjusted EBITDA margin of 13.5%, it said.
On is also increasing its presence on the tennis court, signing women’s world number one ranked player, Iga Świątek, and American man Ben Shelton.
“The rollout of our new website, the purchase of the on.com domain, our latest owned retail store in London and the next phase of CloudTec®, CloudTec Phase™, are only a selection of recent drivers that excite us about the opportunities which lie ahead,” said Martin Hoffmann, Co-CEO and CFO of On. “With the Paris Olympics in 2024 as an important medium term target, we will continue to invest in both our athlete team as well as pinnacle products at the forefront of innovation.”