On AG(US:ONON) Cai Jing Wang·2025-05-19 03:15Group 1 - On Holding AG reported a 43% year-on-year increase in sales for Q1 2025, reaching 727 million Swiss francs [1] - The gross margin improved slightly from 59.7% to 59.9%, while net profit decreased by 38% to 56.7 million Swiss francs [1] - The company's multi-channel strategy was identified as a key factor driving sales growth beyond expectations [1] Group 2 - Direct-to-consumer (DTC) sales amounted to 276.9 million Swiss francs, while wholesale sales reached 449.7 million Swiss francs [1] - The Americas remained the largest contributor to sales, with a 32.7% increase to 437 million Swiss francs [1] - The EMEA region saw a 33.6% increase in sales to 169 million Swiss francs, and the Asia-Pacific region experienced a significant 130.1% growth to 121 million Swiss francs, driven by strong sales in China and Japan [1] Group 3 - Footwear, as the core category, generated a 40.5% increase in revenue to 681 million Swiss francs, accounting for 93.7% of total revenue [1] - Apparel sales surged by 93.1% to 38.1 million Swiss francs, becoming the fastest-growing category [1] - Accessories revenue increased by 99.2% to 7.6 million Swiss francs [1] Group 4 - Based on the strong Q1 performance, On Holding AG raised its full-year guidance for 2025, expecting at least a 28% increase in net sales (at constant exchange rates) [2] - The gross margin target was raised to 60.0%-60.5%, and the adjusted EBITDA margin is projected to be between 16.5%-17.5% [2]