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Swiss brand On ups FY guidance following strong Q2

By Huw Hughes

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Business

Image: On, Facebook

Swiss performance brand On has upped its full-year outlook after reporting a 66.6 percent increase in net sales in the second quarter as its net income more than tripled.

On, which floated on the New York Stock Exchange last September, made net sales of 291.7 million Swiss francs (CHF) in the quarter ended June 30, up from CHF 175 million a year earlier.

Breaking it down by market, sales in North America surged 102.5 percent to CHF 181.7 million, in Europe sales were up 17.5 percent to CHF 83.3 million, and in Asia-Pacific sales grew 52.2 percent to CHF 17.9 million.

Co-CEO and chief finance officer Martin Hoffmann told investors: “We are very pleased and proud to report that we have reached our highest quarterly net sales in history in the second quarter of 2022 and with that, are observing a continued strong demand for On products across all regions.”

He said that in June, single-month net sales exceeded CHF 100 million for the first time.

“Our team has done an outstanding job to efficiently manage product flows in what we expect to be the near final stages of supply shortages stemming from last year's factory closures,” Hoffmann said.

The company’s second-quarter net profit more than tripled to CHF 49.1 million from CHF 14.2 million a year earlier.

Based on its Q2 results, On has upped its full-year guidance. It now expects net sales of CHF 1.1 billion, representing a year-over-year growth of 52 percent.

It now expects adjusted EBITDA of CHF 145 million, compared to a previous estimate of CHF 130 million.

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