On reported fourth-quarter net sales of roughly $204.5 million, a 53.7% year-over-year increase. Full-year net sales increased 70.4% to around $775.3 million, while its net loss moved from roughly $29.5 million to $182.4 million.
For the quarter, the Swiss brand’s shoes segment recorded a net sales increase of 49% to around $192.2 million, and apparel jumped 216% to roughly $10.7 million.
On’s stock was up as much as 33% over the last week.
The sustainable footwear and activewear company saw positive results globally.
- In Q4, net sales in North America jumped 100.1% to roughly $142.7 million, and 96.8% to around $438 million for the full year.
- Net sales in Asia-Pacific jumped 35% to roughly $11.3 million during the quarter, while full-year net sales for the region grew 85.8% to nearly $45.7 million.
- Europe’s full-year net sales grew 38.8% to around $278.7 million.
On went public via an IPO in September. The brand, which is backed by tennis great Roger Federer, had a market cap of $8.8 billion as of February.
Looking Onward
With a presence in more than 60 countries, On says it’s planning to open its first flagship stores in Europe and Asia outside of China, as well as increase its presence in China and North America. The company also recently began production on a new facility in Indonesia.
With its production capacity back at 100% of its pre-lockdown commitments, On expects net sales in 2022 to grow at least 37% year-over-year to around $1 billion.
