The Swiss sports brand reported an 82.2 percent jump in net income and strong regional growth despite recent CEO changes.
On Holding posted a 14.5 percent increase in first-quarter sales to 831.9 million Swiss francs, marking its first quarter above 800 million Swiss francs. Net income rose 82.2 percent to 103.3 million Swiss francs, while adjusted profits climbed 75.3 percent to 123.6 million Swiss francs.
Apparel sales led growth with a 45.1 percent rise, and the Asia-Pacific region saw a 44.4 percent increase, now accounting for over 20 percent of total volume. Gross profit margin expanded to 64.2 percent from 59.9 percent, and adjusted EBITDA margin reached 21 percent, up from 16.5 percent.
The results follow two CEO changes in the past year, with cofounder Caspar Coppetti taking over in May. Analysts had raised concerns over the leadership shifts and wholesale strategy, but the quarter’s performance may ease those worries.