On Shares Soar After the Running Brand Posts Strong First Quarterly Earnings

On, the fast-growing Swiss running brand, just reported quarterly results for the first time as a public company. In the third quarter, On reported a net sales growth of 68% to 218.0 million Swiss francs, or about $234 million, and a net income of 13 million Swiss francs, or about $14 million. Shares of the newly-public athletic company rose as high as 22% in the early afternoon on Tuesday. Backed by tennis champion Roger Federer, On sold 31.1 million shares for $24 each in its IPO in September, which brought the company’s value to more than $6 billion, Reuters reported. In its filing with the SEC, On described itself as “one of the fastest-growing scaled athletic sports companies in the world,” with net sales growing at an 85% compound annual growth rate. On is currently sold in about 8,100 retail stores globally. According to the company, 36.6% of its net sales in the first six months of 2021 were generated through direct-to-consumer channels, mainly the company’s website. In Q3, DTC net sales increased 93%. In an interview with FN in September, On co-CEO Marc Maurer said the company plans to bolster its presence in markets that are critical to longterm success, expand its brick-and-mortar presence in key cities,

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