On Holding down on FY net sales forecast below estimates, surprise Q4 loss

On Holding AG

12/03/2024 13:43

(Updates)
    ** Shares of Swiss shoemaker On Holding  ONON.N  down 15.2%
at $28.51 in early trade
    ** Firm forecasts Q1 and annual net sales below market
estimates
    ** On Holding expects full-year 2024 net sales of at least
CHF 2.25 billion ($2.57 billion), below LSEG estimates of CHF
2.33 billion
    ** Expects Q1 net sales of CHF 495 million, compared with
market expectations of CHF 526 million
    ** Company also reports surprise Q4 adjusted loss of CHF
0.06 per share, compared with estimates of a profit of CHF 0.11
per share - LSEG data
    "Given that foreign exchange appears to be a key pressure,
we believe the volatility reflects lofty investor expectations
heading into the print," says Truist Securities analyst in a
note
    ** In 2023, stock rose 57.2%

($1 = 0.8762 Swiss francs)

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