By Thomas S. Green
Swiss athletic brand On Holding AG (NYSE: ONON) raised full-year sales guidance after posting another record quarter, boosted by strength in footwear, apparel and accessories.
The Zurich-based company said net sales rose 46.5% to CHF 480.5 million for the third quarter. In turn, it raised its 2023 sales target to CHF 1.79 billion.
“The third quarter has not only been the seventh consecutive record top-line quarter, but also our most successful quarter in history across numerous measures,” Martin Hoffmann, Co-CEO and CFO of On said. “We are extremely grateful for the hard work that our team is putting behind our joint mission. The brand momentum for On’s footwear, apparel and accessories continues to convert into high sales growth across all channels.”
Net sales from shoes, apparel and accessories increased 47.0% to CHF 456.9 million, 31.8% to 20.1 million and 84.2% to 3.5 million, the company said.