$ONON | On Holding AG Q3 '24 Earnings Highlights:
🔹 Revenue: CHF 635.8M (Est. CHF 618.7M) 🟢; UP +32.3% YoY
🔹 Core EPS: CHF 0.09 (Est. CHF 0.15) 🔴
🔹 Adjusted EBITDA: CHF 120.1M; UP +47.7% YoY
🔹 Gross Profit Margin: 60.6% (Prior Year: 59.9%)
FY24 Guidance:
🔹 Revenue: CHF 2.29B (Est. CHF 2.31B) 🟡
🔹 Gross Profit Margin: Expected ~60.5%
🔹 Adj EBITDA Margin: Projected at upper end of 16.0%-16.5%
Segment:
🔸Direct-to-Consumer (DTC): Revenue UP +49.8% YoY; DTC channel now 38.8% of total sales, UP +450 basis points
🔸Wholesale: Revenue UP +23.2% YoY
Regional Breakdown:
🔹 EMEA: CHF 165.8M; UP +15.1% YoY
🔹 Americas: CHF 395.5M; UP +34.1% YoY
🔹 APAC: CHF 74.6M; UP +79.3% YoY
Product Category Breakdown:
🔸Shoes: CHF 603.7M; UP +32.1% YoY
🔸Apparel: CHF 26.8M; UP +33.4% YoY
🔸Accessories: CHF 5.3M; UP +53.9% YoY
CEO Commentary:
🔸 "Our record-breaking results this quarter underscore the power of On's premium positioning and strong global demand. The remarkable growth in our DTC channel and rising brand awareness fuel our confidence as we approach the holiday season."
Additional Business Highlights:
🔸 Achieved highest gross profit margin since IPO
🔸 Significant brand momentum driven by high-profile partnerships and successful product launches
🔸 Continued expansion in APAC and strategic store openings worldwide
