On Holding more than doubles profit

By Steve Goldstein

On Holding, the Swiss apparel maker backed by tennis legend Roger Federer, said its first-quarter profit more than doubled on strong direct-to-consumer sales.

On (ONON), which is listed on the New York Stock Exchange, said its first-quarter profit rose to 91.4 million Swiss francs ($101 million), or 3 cents a share, from 44.4 million francs, or 1 cent a share, as revenue rose 21% to 508.2 million francs.

Adjusted for items, On said it would have earned 33 cents a share.

Analysts polled by Visible Alpha expected earnings of 15 cents on sales of 498 million francs.

On shares vaulted 15% higher.

"Hellen Obiri's win at the marathon in Boston highlights our team's relentless dedication to delivering cutting-edge and sustainable innovations to athletes and consumers alike," said its co-founder, Caspar Coppetti, in a statement.

On said it's reiterating its full-year sales target of growth of at least 30% at constant currencies, after 29% growth by that metric in the first quarter, on an adjusted operating margin between 16% and 16.5%.

-Steve Goldstein

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05-14-24 1104ET

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