Nike rival On Holding sees insider purchases despite Q2 revenue miss and reduced full-year sales outlook.
On Holding (NYSE:ONON) insiders purchased 130,000 shares on August 14 after the company missed Q2 revenue estimates and lowered its full-year guidance. CEO Caspar Coppetti and co-founder Olivier Bernhard each bought 65,000 shares despite the stock falling 33% year-to-date.
Q2 revenue grew 22% at constant currency, decelerating by 480 basis points from the prior quarter. Wholesale growth slowed to 12.7%, with management deliberately reducing shipments in the Americas to avoid discounting. Gross margin expanded 390 basis points year-over-year to 65.4%, while adjusted EBITDA margin rose 160 basis points to 19.8%.
Regional performance varied, with EMEA up 20.5% and Asia-Pacific surging 54.7% at constant currency. Management attributed the wholesale slowdown to strategic inventory control rather than demand weakness.