On Sees Shares Rise as Company Sees Spikes in Demand in First Quarter

Shares for On Holding AG were up 3% on Tuesday after the performance athletic brand reported growth in the first quarter of 2022 as demand continues to be strong globally. The Swiss company reported a net sales increase of 67.9% to CHF 235.7 million (or about $237.51 million, based on current exchange rate) in the first quarter of 2022. Net income in the quarter was CHF 14.3 million (about $14.41 million). On the company’s first-quarter earnings conference call on Tuesday, co-founder and executive co-chairman Caspar Coppetti said that On exceeded “our own high expectations,” even with the anticipated constraint due to the ongoing supply chain shortages affecting the industry. According to Coppetti, On is “winning market share at an accelerated pace,” as the combination of strong consumer demand for the brand and better-than-anticipated supply led to “significant gains” in key markets. This can be seen in the reported 87% growth in U.S. business in Q1, versus the same time last year. Meanwhile, sales in the U.K. and Germany grew 54% and 49%, respectively, while China and Japan were up a respective 178% and 148% in the quarter. Coppetti credits this success to On’s Lightning program, which he said the company has not previously discussed

Follow Footwear News on Twitter or become a fan on Facebook.

from Footwear NewsFootwear News https://ift.tt/FTnrwve