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On Holding AG, the Swiss sports shoe company, has set the investor community abuzz with its blockbuster first-quarter performance. The company's soaring stock price, skyrocketing by an impressive 16% following the release of its stellar financial results, reflects the growing investor confidence in this innovative and rapidly expanding brand.
For the first quarter of 2023, On Holding reported a significant 21% increase in net sales, reaching an impressive $559.6 million. This remarkable sales growth was accompanied by a surge in adjusted profit, which soared to $0.36 per share, substantially higher than the $0.15 per share recorded in the previous quarter. These outstanding figures not only surpassed analyst expectations but also demonstrated the company's ability to capitalize on the burgeoning demand for its unique footwear products.
Buoyed by this strong performance, On Holding reaffirmed its robust guidance for the entire year, projecting at least 30% growth in net sales on a constant currency basis. This forecast, tempered with a cautious approach in light of the dynamic macroeconomic and consumer environment, implies net sales of at least $2.29 billion in 2024, a testament to the company's unwavering confidence in its growth trajectory.
Commenting on the exceptional results, Co-CEO and CFO Martin Hoffman expressed his excitement, stating, "The first quarter was a very strong start to the year and another step in executing our long-term strategy to be the most prestigious global sportswear brand. We are excited that we exceeded our expectations and passed the half billion mark in net sales in a single quarter."
"The first quarter was a very strong start to the year and another step in executing our long-term strategy to be the most prestigious global sportswear brand. We are excited that we exceeded our expectations and passed the half billion mark in net sales in a single quarter."
On Holding's meteoric rise can be attributed to its inspiring brand story and game-changing footwear technology. Founded by the Swiss Ironman champion Olivier Bernhard, the company's genesis was rooted in Bernhard's relentless pursuit of performance enhancement. Collaborating with an engineer, Bernhard developed a groundbreaking shoe design featuring holes in the sole, which revolutionized the running experience and propelled the brand to new heights.
The company's ascent was further fueled by its strategic partnerships with professional athletes and high-profile endorsements, such as the agreement with tennis legend Roger Federer to produce a dedicated tennis shoe. These collaborations not only bolstered the brand's credibility but also amplified its reach across various sports disciplines.
Investors have taken note of On Holding's remarkable journey, from its humble beginnings as a niche running club to its current status as a global powerhouse valued at $11.3 billion. With a 31.6% surge in its stock price since the beginning of the year and an 8% rise over the past 12 months, the company's shares have been a coveted asset in the investment community.
As On Holding continues to exceed expectations and deliver on its ambitious growth targets, investors are eagerly anticipating the brand's further expansion into new markets and product categories. With its innovative approach, compelling brand narrative, and a relentless focus on performance, On Holding is poised to capture an even larger share of the lucrative sportswear market, solidifying its position as a formidable force in the industry.
Total Score
Strengths
Earnings are forecast to grow
Investors confidence is positive
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