By Thomas Green
On Running (NYSE: ONON) said net sales increased 46.6% in 2023, reaching CHF 1,792.1 million.
Increased brand awareness in fourth quarter boosted direct-to-customer sales to 46.2% and helped On achieve a sales growth of over 31% on a constant currency basis resulting in fourth quarter net sales of CHF 447.1 million.
On said it is targeting a constant currency net sales growth rate in 2024 of at least 30% and a gross profit margin of 60%.
“On our journey towards building the most premium global sportswear brand, 2023 was another exceptional year,” said Martin Hoffmann, Co-CEO and CFO. “We achieved an outstanding 55% constant currency net sales growth, while bringing efficiency and profitability to new heights and driving the highest positive cash flow in our history.”
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