On reports strong results
16 November 2023 09:53
On Holding AG, the Zurich-based sportswear manufacturer, has unveiled its financial results for the first nine months of the year, with a focus on the third quarter. The company generated net sales of 1,345 million Swiss francs, according to a statement about the results. In the third quarter of 2023, net sales rose by 46.5 per cent compared to the same period in the previous year to 480.5 million Swiss francs. Direct-to-consumer (DTC) sales increased by as much as 54.6 per cent compared to the third quarter of 2022. This growth reflects the company's efforts to grow more strongly in DTC retail than in retail.
The results show that the third quarter was the strongest in the company's history, with net sales of 480.5 million Swiss francs and a net profit of 58.7 million Swiss francs. Based on the results of the first three quarters of this year and the prospect of stable growth, On forecasts annual sales of 1.79 billion Swiss francs.
“The third quarter has not only been the seventh consecutive record top-line quarter, but also our most successful quarter in history across numerous measures,” commented Martin Hoffmann, Co-CEO and CFO of On, in the statement. “We are extremely grateful for the hard work that our team is putting behind our joint mission. The brand momentum for On’s footwear, apparel and accessories continues to convert into high sales growth across all channels.”
Caspar Coppetti, Co-Founder and Executive Co-Chairman of On, added: “We are thrilled about the ongoing strength and momentum of the On brand as we follow our vision to be the most premium global sportswear brand.” ce/ww