On Holding AG, the Swiss sports shoe specialist, has reported its financial results for the second quarter and the first half of 2022. The company has achieved a remarkable net revenue of over 500 million Swiss francs in the first half of the year, setting a new record for performance. The second quarter also saw record-breaking results, with a 67% increase in overall net sales compared to the same period last year. This growth can be attributed to a significant increase in both wholesale sector sales, which saw a 70% increase, and direct-to-customer sales, which saw a 61% increase.
The North American market played a crucial role in these positive results, experiencing a year-on-year growth rate of 102.5%. On Holding reported net sales of 291.7 million Swiss francs in this market, along with a net profit of 49.1 million Swiss francs and an adjusted EBITDA of 31.4 million Swiss francs. Martin Hoffmann, the co-CEO and CFO of On, expressed pride and satisfaction with the company’s performance, emphasizing that strong demand for On products can be seen across all regions. He also highlighted a significant achievement in June, with net sales surpassing 100 million Swiss francs in a single month for the first time in company history.
Thanks to this outstanding quarter, On’s net sales in the first half of 2022 reached 527.3 million Swiss francs, representing a 67% increase compared to the previous year. The adjusted EBITDA slightly decreased to 47.1 million Swiss francs. Building on this success, the company has revised its outlook for the full year of 2022. On is now predicting a net sales total of at least 1.1 billion Swiss francs and an adjusted EBITDA of at least 145 million Swiss francs. The adjusted EBITDA margin for the year remains unchanged at 13.2%.
On Holding’s strong performance is a testament to the growing popularity and demand for its innovative sports shoes. The company’s commitment to quality and performance has resonated with consumers worldwide, driving growth in both wholesale and direct-to-customer sales. With a positive outlook for the remainder of the year, On Holding is well-positioned to capitalize on the thriving sports shoe market and maintain its upward trajectory.
Useful links:
– On Running Q2 2022 Financial Results
– Swiss Sports Shoe Maker On Holding Boasts Record Q2 Sales, Ups Outlook
