On Holding AG‘s total net sales amounted to CHF 567.7 million in Q2 2024, an increase of 27.8 percent year-over-year (y/y) and 29.4 percent growth on a constant-currency (cc) basis. On reports in Swiss francs currency (CHF).

  • Direct-to-consumer (DTC) channel net sales increased 28.1 percent (+30.4 percent cc) to CHF 209.4 million in the quarter.
  • Wholesale channel net sales increased 27.6 percent (+28.8 percent cc) to CHF 358.2 million in Q2.
  • Europe, Middle East and Africa (EMEA) region net sales increased 21.8 percent (+22.2 percent cc) to CHF 138.4 million int he 2024 second quarter.
  • Americas region net sales grew 24.8 percent (+25.8 percent cc) to CHF 370.0 million in Q2 2024.
  • Asia-Pacific net sales increased 73.7 percent (+84.7 percent cc) to CHF 59.2 million in the latest quarter.
  • Gross profit margin increased 40 basis points to 59.9 percent of sales
  • On Holding net income increased by 834.3 percent to CHF 30.8 million, or CHF 0.09 per diluted Class A share in the second quarter, compared to CHF 3.3 million, or CHF 0.01 per diluted Class A share in the 2023 second quarter.
  • Adjusted net income increased to CHF 46.9 million, or CHF 0.14 per diluted Class A share, from CHF 11.7 million, or CHF 0.04 per diluted Class A share, in the prior-year Q2 period.

Balance Sheet and Cash Management
Cash and cash equivalents increased by 32 percent to CHF 652.4 million at June 30, from CHF 494.6 million at December 31, 2023. Net working capital increased by 14.3 percent to CHF 567.1 million at quarter-end from CHF 496.2 million at December 31, 2023.

Image courtesy On Holding AG

See below for expanded SGB Media coverage of On’s Q2, including issues with a new Atlanta distribution center, regional and category performance details, and the company’s forward outlook.

EXEC: On Posts Strong Q2 but U.S. Growth Slowed by New Atlanta DC Transition Issues