Footwear maker On Holding gains after lifting annual sales forecast

On Holding AG

14/05/2024 15:03

(Updates)
    ** U.S.-listed shares of Swiss sports footwear maker On
Holding  ONON.N  up 13.6% at $34.85
    ** Company raises annual sales forecast as well as tops
expectations for Q1 net sales and adj. profit on strong demand
for its premium shoes
    ** ONON expects 2024 reported net sales of at least CHF 2.29
bln ($2.52 bln) vs earlier expectation of CHF 2.25 bln
    ** "... with a cleaner inventory position and growth
continuing to favor the DTC channel, On continues to be in
better control of its own fate," says William Blair analyst
Dylan Carden in a note
    ** Q1 net sales rise 20.9% from a year earlier to CHF 508.20
mln, beating analysts' average estimate of CHF 497.40 mln - LSEG
data
    ** Q1 adj. profit of CHF 0.33/shr tops estimates of CHF
0.14/shr
    ** As of last close, stock up 13.8% YTD

($1 = 0.9072 Swiss francs)

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))