Running shoe maker On Holding AG reported strong full year results on Tuesday, which revealed its net sales increased by 68.7 percent year-over-year. As a result, the company’s stock surged on Tuesday, jumping more than 26 percent.
The company had net sales of CHF 1.22 billion in 2022, which is the first time in On’s history that it managed to clear the one billion CHF mark. Its gross profit margin was 56.0 percent, with a net income of CHF 57.7 million, while adjusted diluted earnings per share for Class A shares climbed to CHF 0.02.
On is predicting continued growth in 2023 thanks to the outstanding demand for their products as well as other factors like the rollout of the new website and opening of a retail store in London. This includes expected net sales of CHF 1.7 billion for the current year.
“With the Paris Olympics in 2024 as an important medium-term target, we will continue to invest in both our athlete team as well as pinnacle products at the forefront of innovation,” said Martin Hoffmann, the Co-CEO and CFO of On, in a press release.
On Holding stock, which trades on New York Stock Exchange, closed at $27.26 per share on Tuesday. This is the highest the Switzerland-based company’s stock has been since May 2022.