Exec-Edge
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By Daniella Parra
On Holding AG (NYSE: ONON) said net sales increased 43% to CHF 726.6 million as it increased its direct-to-consumer share, accounting for 38.1% of total net sales.
The Swiss-designed running shoe and apparel maker reported a gross profit margin increase of 59.9% from 59.7% and an adjusted EBITDA margin increase of 16.5%.
Net sales through the direct-to-consumer sales channel increased by 45.3% to CHF 276.9 million and is expecting at least 28% net sales growth on a constant currency basis, they said.
“Building on our vision to be the most premium global sportswear brand, our first quarter results have exceeded our expectations and reflect the strong momentum of our brand across all channels, regions and product categories,” said Caspar Coppetti, Co-Founder and Executive Co-Chairman. “Looking into the second quarter and beyond, we are energized by the global traction and cultural resonance of On as a head-to-toe sportswear brand.”
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