A sports-focused footwear company backed by Roger Federer has reported its best quarter to date.
On Running generated a record $347.5 million in net sales in Q3 2022 — a 50.4% increase year-over-year — despite supply chain constraints and an uncertain macroeconomic environment. Net income reached $22 million in Q3 2022, compared to $14 million in Q3 2021.
- Net sales in North America increased 57.1% during the quarter to $183 million.
- In Europe, net sales reached $123.4 million, a 31.8% uptick year-over-year.
- Net sales in Asia-Pacific grew 85.2% to $25.6 million.
- Rest of the World net sales increased 150% in Q3 2022 to $11.6 million.
On raised its full-year net sales outlook on the back of its record quarter.
The Switzerland-based company projects net sales to hit $1.2 billion in FY2022, a $26.5 million increase from previous estimates that would represent a 55% uptick compared to FY2021.
On went public in September 2021 after raising $746 million in an initial public offering valuing the company at roughly $7.3 billion. On Holding AG and its investors sold 31.1 million shares for $24 apiece during the IPO.
Committed to Tennis
On is planning to double down on tennis with the help of Federer, who retired from the sport in September.
“The plan is to expand into a more lifestyle area of tennis,” co-CEO Martin Hoffmann told Bloomberg.
On also plans to work with additional tennis pros.
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