On Holding AG kicked off the 2024 financial year with record net sales for the first quarter, surpassing CHF 500 million in a single quarter for the first time in its history. On’s total net sales reached CHF 508.2 million, an increase of 20.9 percent year-over-year and a 29.2 percent increase on a constant-currency (CC) basis. The company reported that the results were led by exceptionally strong demand and momentum in the company’s direct-to-consumer (DTC) channel.

Net income increased 106.0 percent YoY to CHF 91.4 million, or 18.0 percent of net sales, in the first quarter from CHF 44.4 million, or 10.6 percent of net sales, in the year-ago Q1 period.

Diluted EPS Class A increased to CHF 0.28 in Q1 2024 from CHF 0.14 in Q1 2023.

Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) increased 27.0 percent to CHF 77.4 million in Q1 from CHF 61.0 million in Q1 last year.


Image courtesy On

See below for additional commentary and details from On’s Co-CEOs about Q1 progress.

EXEC: On Holding Shares Hit 52-Week Highs as Q1 Results, DTC Gains Please the Street