On Holding raises annual outlook following record quarter
On Holding AG has announced its financial results for the second quarter as well as for the first half of the 2022 calendar year. The Swiss sports shoe specialist On has crossed the benchmark of 500 million Swiss francs (around €518 million) in net revenue in the first half of the calendar year and also posted record results for the second quarter of the year.
On saw its overall net sales increase by 67% during the second quarter of the year, compared to its performance during the same time period a year earlier. This increase was due to a strong growth rate of 70% in its wholesale sector as well as a growth rate of 61% in direct-to-customer sales.
A sustained and exceptionally high consumption rate in North America with year-on-year growth of 102.5% also contributed to these positive results.
The business achieved a net sales total of 291.7 million Swiss francs (around €302.4 million) with a net profit of 49.1 million Swiss francs and an adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) total of 31.4 million Swiss francs.
“We are very pleased and proud to have achieved the highest quarterly revenue total in our history in the second quarter of 2022,” said On’s co-CEO and CFO Martin Hoffmann. “We continue to see strong demand for On products across all regions. In June, we achieved net sales of over 100 million Swiss francs in a single month for the first time in our history.”
In addition, thanks to this record quarter, On was able to increase its net sales by 67% to total 527.3 million Swiss francs in the first months of the year.
The business’ adjusted EBITDA decreased slightly to total 47.1 million Swiss francs.
“Due to the very strong first half of 2022, we are once again raising our net sales and adjusted EBITDA predictions for the full year of 2022,” said Hoffmann.
The business now predicts that it will achieve a net sales total of at least 1.1 billion Swiss francs (approximately €1.14 billion) and adjusted EBITDA of at least 145 million Swiss Francs for the year 2022.
The business’ adjusted EBITDA margin remains unchanged at 13.2% for the full year 2022.
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