By Exec Edge Editorial Staff
Swiss athletic brand On Holding AG (NYSE: ONON) posted a surge in second-quarter revenue, with a monthly record of over CHF 100 million in June sales, prompting it to raise full year sales and profit guidance.
Second quarter sales rose 66.6%, driven by wholesale growth of 70.1% and DTC growth of 60.8%, along with continued growth in On’s North America region, which grew 102.5%.
The company, known for its Swiss-designed running shoes and apparel, now expects net sales of at least CHF 1.1 billion and adjusted EBITDA of CHF 145 million for the full year.
“Based on the performance we have seen in the first half, we are once again increasing our outlook for net sales and adjusted EBITDA for the full year 2022,” said Martin Hoffmann, Co-CEO and CFO of On. “As we continue on our mission to ignite the human spirit through movement, we are thinking long-term and our goal is to build a durable company at the intersection of performance, design and impact.”
Shares of On, which went public in 2021, rose slightly in premarket New York trade Tuesday.