Swiss sneaker maker On Holding (ONON) has reported strong financial results for this year’s third quarter and raised its full-year guidance.
The European sportswear company announced earnings per share (EPS) of $0.43 Swiss francs versus $0.25 that was expected.
Revenue in the period totaled 794 million Swiss francs, which topped the 763 million Swiss francs that was forecast on Wall Street. Sales were up 25% from a year earlier.
Management raised their forward guidance for a third consecutive quarter, defying a slowdown in the sneaker market that has hurt competitors such as Nike (NKE).
The company, known for innovative running shoes, says it now expects fiscal 2025 sales of 2.98 billion francs ($3.72 billion U.S.), up from 2.91 billion Swiss francs previously.
Management said sales should grow 34% year-over-year in the coming fiscal year. The forecast is above the 2.97 billion Swiss francs analysts were anticipating.
On Holding also said that while its gearing up for the year-end holiday shopping season, it does not plan to offer a Black Friday discount.
On will be “full price through the holiday season,” said the company in its earnings release.
Analysts say the holiday strategy is similar to those of luxury brands.
Management have said in the past that they want On Holding to be a “premium sportswear brand,” offering the most innovative products across footwear and apparel.
ONON stock has declined 37% this year to trade at $35.18 U.S. per share in New York.
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