BTIG Reiterates Neutral Rating on On Holding AG (ONON)
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On Reports Results for the Second Quarter and Six-Month Period Ended June 30, 2024
August 13, 2024 5:00 AM EDTOn achieves another record top-line quarter, resulting in over CHF 2 billion net sales for the last twelve month period. On's total net sales in Q2 2024 reached CHF 567.7 million, a growth of 27.8% year-over-year and of 29.4% on a constant currency basis. These results reflect the strength of On's multi-channel strategy across regions and products, with stand-out performances in Asia-Pacific and in apparel, growing by 73.7% and 63.0%, respectively. As a result of On's continued high share of full-price sales as well as lower freight rates, its second quarter 2024 gross profit margin reaches 59.9%, up from 59.5% in the prior year period.... More
