1.80%Shares in On Holding AG (ONON) dipped & then recovered yesterday after mixed Q3 2024 results and an annual revenue forecast slightly below analyst expectations.
Founded back in 2010 by former Swiss Ironman champion Olivier Bernhard with David Allemann and Caspar Coppetti, On is a relatively new player on the sneaker game but has quickly become a key competitor to the likes of Nike & New Balance in recent years. Boasting 6000 stockists across 55 countries with flagship stores in New York, Los Angeles, Miami, Portland, Paris, Zurich, London, Berlin, Tokyo & more recently Milan. Yesterday On Holding AG (ONON) released their latest Q3 2024 financials, posting earnings per share (EPS) of CHF 0.09 which was slightly less than analyst estimates of CHF 0.15. Revenue for Q3 2024 did however beat projections at CHF 635.8 million compared to On’s previous projection of CHF 618.7 million. Wholesale net sales were up 23% compared to the same period last year to CHF 389.1 million, slightly missing the forecast of CHF 397.3 million.
Overall though some positive results for On in the current challenging sneaker market. As the once booming resale market has struggled to gain the momentum it once had in the late 2010’s for Jordans & Yeezy, it’s now brands like brands like On that are pushing the sneaker game into it’s next phase of performance running technology & footwear innovation. On also raised its full year 2024 net sales growth outlook by 32% to CHF 2.29 billion. Also don’t forget to subscribe to Sneaker Jobs & follow @sneaker_jobs to keep up to date with all the latest industry news.
This quarter’s exceptional results are a demonstration of the incredible work of our team, the growing global demand for the On brand, and the power of On’s premium position. Our commitment to innovation and excellence has allowed us to capture this demand and deliver outstanding performance, particularly in our DTC channel.
Martin Hoffmann, Co-CEO and CFO On Holding
