By Daniella Parra of Exec Edge
Swiss shoe and apparel maker On Holding AG (NYSE: ONON) reported record first quarter net sales of CHF 420.2 million, a rise of 78.3% year-over-year.
Net sales from shoes, apparel and accessories increased 80.0% to CHF 400.5 million, 48.9% to CHF 16.9 million and 52.3% to CHF 2.8 million, respectively, On said. Adjusted EBITDA increased 288.2% to CHF 61.0 million.
“Our record Net Sales in Q1 are a further proof of the strong brand momentum across all regions, channels and product groups. This was supported by a largely normalized supply chain environment versus the first quarter of 2022, which also allowed for the discontinuation of exceptional air freight and corresponding significant gross profit margin improvement. We always emphasize the importance of our multi-channel strategy, and we are very happy to see the contributions of our new retail stores. Supported by an exceptionally strong start for our new London store, our own retail net sales more than quadrupled year-over-year. Along with our expansion into Tennis, including the first on-court performances by Iga Świątek and Ben Shelton, On is reaching more fans than ever before,” Martin Hoffmann, Co-CEO and CFO of On, said.