Footwear maker On Holding gains after raising annual sales forecast

On Holding AG

14/05/2024 10:31

** U.S.-listed shares of Swiss sports footwear maker On
Holding  ONON.N  up 4% at $31.93 premarket
    ** Company lifts annual sales forecast and tops expectations
for Q1 net sales and adjusted profit on strong demand for its
premium shoes
    ** ONON expects full-year 2024 reported net sales of at
least CHF 2.29 billion ($2.52 billion), vs its earlier
expectation of CHF 2.25 billion
    ** Q1 net sales rise 20.9% over a year ago to CHF 508.2 mln,
beating analysts' average estimate of CHF 497.4 mln - LSEG data
    ** Q1 adj. profit of CHF 0.33/shr also 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;))