Sales of the buzzy sneaker brand On surged 32% in its second quarter, boosting shares
Shares of On Holding, the Swiss sneaker brand that’s biting at Hoka’s heels in the “RTO apparel” category, are climbing on Tuesday after the company reported strong Q2 sales and a sunny outlook.
On posted sales of about $922 million, well above Wall Street expectations of $865 million and up 32% year over year. Looking ahead, On guided for $3.58 billion in sales this year, in line with estimates and above its previous forecast of $3.53 billion.
The On Clouds maker reported a loss per share of $0.12, slightly below estimates of a $0.11 loss per share.
Its shares were up 7% in Tuesday morning trading.
On’s direct-to-consumer business, which makes up more than 40% of the company’s revenue, saw sales grow 47%. More than half of the brand’s sales came from its North American business on the quarter.
The On Clouds maker reported a loss per share of $0.12, slightly below estimates of a $0.11 loss per share.
Its shares were up 7% in Tuesday morning trading.
On’s direct-to-consumer business, which makes up more than 40% of the company’s revenue, saw sales grow 47%. More than half of the brand’s sales came from its North American business on the quarter.
