Financial Data and Key Metrics Changes - The company reported third quarter revenues of $635 million, reflecting a 16% growth in constant currency, within the annual guidance range of 15% to 17% [19] - Reported revenue growth was 12%, with B2B growth outpacing D2C, up 18% in constant currency [19][20] - Gross margin increased by 100 basis points to 60.5%, while adjusted EBITDA margin rose by 140 basis points to 34.4%, marking the best third quarter margin ever [8][22] - Adjusted net profit reached €116 million, a 26% increase year over year, with adjusted EPS rising to €0.62 from €0.49, a 27% increase [23] Business Line Data and Key Metrics Changes - In the Americas, revenue grew by 16% in constant currency, with both B2B and DTC channels showing double-digit growth [14] - EMEA experienced a 13% revenue increase, with B2B outpacing DTC, driven by strong sell-through at retail partners [15] - The APAC region saw a 24% increase in constant currency, with expectations for accelerated growth in the fourth quarter [16] Market Data and Key Metrics Changes - Retail revenue at the top 10 wholesale partners in the U.S. increased by 25%, while in EMEA, it was up 20% [10][11] - The company noted a shift towards in-person shopping, favoring the B2B channel over DTC, with over 90% of B2B growth coming from existing doors [9][20] Company Strategy and Development Direction - The company aims to maintain relative scarcity and manage distribution growth tightly, with plans to reach around 100 stores by the end of the fiscal year [12] - The strategy includes investing in automation, IT, and infrastructure to enhance production capacity and efficiency [32][70] - The company is focused on both B2B and DTC channels, with a commitment to high-quality distribution and full-price realization [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth and profitability objectives despite currency headwinds and tariff impacts [25][27] - The company anticipates that B2B growth will continue to outpace DTC for the fourth quarter and the full year [20][42] - Management highlighted strong demand across all product categories, particularly in emerging youth markets [13] Other Important Information - The company ended the quarter with cash and cash equivalents of €262 million after a share repurchase of €176 million [23][24] - Capital allocation priorities include investing in the business, reducing debt, and opportunistic share buybacks [25] Q&A Session Summary Question: Current demand trends and visibility for fourth quarter acceleration - Management noted exceptional demand in Q3, with capacity constraints being the main issue, and aims for continuous margin improvement as the business scales [31][32] Question: Market response to price increases implemented on July 1 - Management reported no negative impact on demand post-price adjustments, with strong sell-through during the back-to-school season [36][38] Question: Impact of increased EU tariffs on revenue and margins - Management indicated that the effective tariff rate is manageable, with pricing flexibility and other levers to offset impacts [42][44] Question: EMEA growth performance and future expectations - Management acknowledged challenges in capturing full demand due to production capacity but expects a return to mid-high teens growth in EMEA [51][53] Question: Insights on closed toe product growth - Management confirmed a 400 basis point increase in closed toe revenue share, with strong performance across various styles [60][62] Question: Factory expansion plans and supply evolution - Management is on track with factory expansion plans, expecting full absorption by 2026, and is investing in capacity to meet growing demand [70][71] Question: Confidence among wholesale partners - Management noted strong demand from wholesale partners, reflecting consumer behavior and a desire for more product breadth [73][74] Question: DTC business performance and customer trends - Management highlighted strong performance in DTC, with new stores delivering higher ASP and increased transaction values [102][105]

Financial Performance - Revenue increased by 12% to €635 million, or 16% on a constant currency basis[11] - DTC (Direct-to-Consumer) revenue increased by 9% to €244 million, or 12% on a constant currency basis[11] - B2B (Business-to-Business) revenue increased by 15% to €390 million, or 18% on a constant currency basis[11] - Gross profit increased by 14% to €384 million, with a gross profit margin of 605%, an increase of 100 basis points[11, 18] - Adjusted EBITDA increased by 17% to €218 million, with an adjusted EBITDA margin of 344%, an increase of 140 basis points[11] - Adjusted net profit increased by 26% to €116 million[11] - Adjusted EPS (Earnings Per Share) increased by 27% to €062[11, 27] Regional Performance - Americas revenue increased by 10%, or 16% on a constant currency basis, to €312 million[14] - EMEA (Europe, Middle East, and Africa) revenue increased by 13%, or 13% on a constant currency basis, to €259 million[14] - APAC (Asia-Pacific) revenue increased by 21%, or 24% on a constant currency basis, to €63 million[14] Cost Management and Balance Sheet - Selling & Distribution Expenses were €163 million, representing 256% of revenue, a decrease of 80 basis points[20] - General & Administrative Expenses were €31 million, representing 49% of revenue, an increase of 40 basis points[20] - Net debt increased by 6% to €1096 million, with net leverage at 17x LTM (Last Twelve Months) Adjusted EBITDA[11, 32] - Inventory-to-sales ratio improved to 33% of LTM revenue[30]

Core Insights - On Holding AG reported a net sales increase of 32% year-over-year, reaching 749 million Swiss francs, with a fixed exchange rate growth of 38.2% [1] Sales Channels - Direct-to-consumer (DTC) sales increased by 47.2% year-over-year, with a fixed exchange rate growth of 54.3% [1] - Wholesale sales grew by 23.1% year-over-year, with a fixed exchange rate growth of 28.8% [1] Regional Performance - Net sales in Europe, the Middle East, and Africa grew by 46.1% at fixed exchange rates [1] - Net sales in the Americas increased by 23.6% at fixed exchange rates [1] - Net sales in the Asia-Pacific region surged by 110.9% at fixed exchange rates [1] Product Development - The company enhanced its product offerings in running, tennis, and trail categories, strengthening its premium differentiation in lifestyle and performance crossover segments [1]

一条关于空姐的新闻，冲上了热搜——多家航空公司已修改制服准则，允许女性乘务员在执行航班时穿平底鞋。 湖南航空被认为是首家完全取消高跟鞋要求的国内航空公司，除此之外，春秋航空吉祥航空等，也陆续推出了平底鞋取代高跟鞋的机舱服务条例。 短短几行规定，立刻引发大量讨论。网友评价到：这是职业装标准的一次松绑；也有人感叹，这是让脚「放了个假」。 高跟鞋和空姐的形象绑定了很多年，它象征着优雅、专业和职业仪态。但在长时间站立、走动、搬运行李的工作中，高跟鞋也意味着额外的身体负担。过 去，这种不适常常被默默接受，因为它被认为是职业的一部分。 如今，当空姐可以选择更舒适的鞋履走进机舱，这个变化背后的意义，早已不止是一双鞋的更换。它背后折射的更是职场审美和职业标准的调整——舒适 和健康开始被放到和外形同等重要的位置。 在互联网公司，很早就习惯了体恤牛仔运动鞋的休闲打扮；而早在2017年，国企就有政策推出，不得强制女性员工穿高跟鞋，并鼓励选择低于2.54 cm鞋 跟作为职场穿着。 对于更多职业女性来说，「不穿高跟鞋」是一次重新定义「职场自我」的机会：站得稳、走得远，在每一步里保持自在。 高跟鞋退出机舱，也正在退出白领职场 或许很快， ...

Core Insights - ON Holdings has demonstrated strong Q2 results and an optimistic growth trajectory, leveraging its technology and brand strength while capitalizing on competitors' weaknesses [1][7] - The stock price has rebounded significantly, moving away from previous lows and showing bullish trends supported by institutional and analyst activity [2][4] Financial Performance - ON Holdings reported a 32% revenue growth driven by new products and a strong direct-to-consumer (DTC) segment, which saw a 47.2% increase [7][8] - The company achieved a 220-basis-point improvement in adjusted EBITDA margin, reflecting a 50% increase in adjusted EBITDA [9] Guidance and Forecast - The company raised its full-year guidance, projecting growth to be approximately 300 basis points higher than previous estimates, indicating strong profitability [10] - Analysts forecast a 12-month stock price target of $56.84, suggesting a potential upside of 10.53% from the current price [7] Market Trends - The stock is currently in an uptrend, with a notable increase in trading volume indicating rising demand [4][6] - Institutional and analyst sentiment has improved, with several upgrades to "Buy" or higher ratings leading to increased price targets [3][2] Long-term Outlook - ON Holdings is expected to maintain a high double-digit compound annual growth rate (CAGR) through the end of the decade, supporting ongoing positive trends in stock performance [11] - The company's balance sheet remains strong, with no significant long-term debt and total liabilities at approximately 1.35 times the cash position [12]

Group 1 - On Holdings AG (NYSE:ONON) reported better-than-expected second-quarter results, achieving record sales and raising its full-year revenue forecast despite challenges from Vietnam tariffs [1] - The stock price increased by 8.3% to $49.57, with an intraday high of $52.20, marking the third consecutive post-earnings price increase [1][2] - Year-to-date, ON Holdings stock has decreased by 10.2% [2] Group 2 - Analysts are predominantly bullish on the stock, with 19 out of 22 analysts rating it as "buy" or "strong buy," and a 12-month consensus price target of $66.16, indicating a 33.9% upside potential from current levels [3] - Options trading activity has surged, with 33,000 calls and 37,000 puts exchanged, which is six times the average daily options volume [4] - Short interest has decreased recently but still represents 9% of the stock's available float, with a buyback period of over four days at the average trading pace [5]

Core Insights - Crocs, Inc. (CROX) is experiencing a challenging environment due to trade and tariff uncertainties, with expected earnings to decline by 2.5% this year [1][7]. Financial Performance - In Q2 2025, Crocs reported earnings of $4.23, beating the Zacks Consensus by $0.22, with revenue rising 3.4% to $1.15 billion [2]. - The gross margin increased by 30 basis points to 61.7%, while the flagship Crocs brand revenue rose 5% to $960 million [3]. - North America revenue fell by 6.5% to $457 million, but international revenue surged by 18.1% to $502 million [3]. Brand Performance - The HEYDUDE brand saw a revenue decline of 3.9% to $190 million [3]. - Direct-to-consumer revenue grew by 4%, while wholesale revenue increased by 2.8% [2]. Debt and Share Repurchase - Crocs repaid $105 million in debt during the quarter and continued its share repurchase program, buying 1.3 million shares for $133 million [4]. Future Guidance - Crocs has refrained from providing full-year guidance due to trade uncertainties but expects Q3 2025 revenue to decline between 9% to 11% compared to Q3 2024 [5]. Earnings Estimates - Analysts have cut earnings estimates for 2025 to $12.84 from $12.87, reflecting a 2.5% decline from last year's earnings of $13.17 [6]. - For 2026, earnings growth is still anticipated to rise by 4.2% to $13.37 despite one estimate cut [6]. Valuation Concerns - Crocs is trading at a forward P/E ratio of 5.9, which is considered very low, raising concerns about being a potential value trap [7][11].

Financial Performance - On (公司) 提高了全年销售额和收益预期 [1] - 第二季度业绩超出预期，欧洲和亚洲的买家抢购了这家瑞士运动鞋制造商的高价鞋类 [1]

Core Viewpoint - The Swiss sportswear company On reported a 32% increase in sales for the second quarter, prompting an upward revision of its full-year revenue guidance despite facing new tariffs on imports from Vietnam [1][2]. Financial Performance - Full-year sales are now expected to reach 2.91 billion Swiss francs ($3.58 billion), an increase from the previous forecast of 2.86 billion francs ($3.52 billion), aligning with Wall Street expectations [1]. - The company's gross margin guidance has been raised to a range of 60.5% to 61%, up from the previous range of 60% to 60.5% [2]. - In the second quarter, On reported a net loss of 40.9 million francs ($50.4 million) or 12 cents ($0.15) per share, compared to a net income of 30.8 million francs ($37.9 million) or 10 cents ($0.12) per share in the same period last year, primarily due to foreign exchange fluctuations [4]. Sales and Revenue Breakdown - Sales for the second quarter reached 749 million francs ($922 million), a 32% increase from 568 million francs ($699 million) a year earlier [5]. - Wholesale revenue was 441 million francs ($543 million), exceeding estimates of 429 million francs ($528 million), while direct sales were 308 million francs ($379 million), surpassing expectations of 279 million francs ($344 million) [7]. - Sales growth was reported across all regions, with notable performance in the Americas, Europe, the Middle East and Africa, and the Asia-Pacific region [8]. Market Position and Strategy - On has consistently grown sales in the mid-double digits and aims to increase brand awareness in various global markets [6]. - The company has strategically balanced direct sales through its own channels and wholesale, filling the gap left by Nike's reduced presence in wholesale [6]. - The CEO highlighted strong consumer demand in the American and Chinese markets, with a 50% same-store growth in retail and even larger growth in e-commerce [9][10].

Core Viewpoint - Weyco Group, Inc. has faced significant challenges in its recent earnings report, with declines in both sales and earnings attributed to economic uncertainty and increased tariffs [1][5]. Financial Performance - The company reported a second-quarter 2025 EPS of 24 cents, down from 59 cents in the prior-year quarter [1]. - Net sales decreased by 9% to $58.2 million from $63.9 million year-over-year [2]. - Net earnings fell 60% to $2.3 million compared to $5.6 million in the same quarter last year [2]. - Gross earnings as a percentage of net sales declined to 43.3% from 43.9% [2]. Segment Performance - In the North American Wholesale segment, sales dropped 9% to $45.6 million, with major brands like Nunn Bush, Stacy Adams, Florsheim, and BOGS experiencing declines of 11%, 10%, 5%, and 14% respectively [3]. - Retail sales fell 11% to $6.8 million, driven by weaker demand on Florsheim and Stacy Adams websites [3]. - The "Other" category, which includes operations in Australia and South Africa, saw a 4% sales decline to $5.8 million, resulting in an operating loss of $0.2 million [3]. Management Commentary - The CEO described the quarter as facing "headwinds" from tariffs and reduced consumer spending, with expectations of continued economic uncertainty [4]. - Management highlighted the company's strong financial position, which they believe will support long-term growth despite current challenges [4]. - Efforts to diversify sourcing away from China to countries like Vietnam, Cambodia, and India were emphasized [4]. Influencing Factors - The earnings decline was primarily due to reduced consumer spending and higher import costs from tariffs, with the China-specific tariff peaking at 145% in April 2025 [5]. - Weyco has taken measures to mitigate cost pressures, including pre-purchasing inventory and negotiating supplier cost reductions [5]. Guidance - Management anticipates ongoing top-line pressure in the coming months due to tariffs and weak consumer sentiment, with potential seasonal softness in casual and dress footwear [6]. Other Developments - On August 5, 2025, the board declared a quarterly cash dividend of 27 cents per share, payable on September 30, 2025 [7]. - The company allocated $3.1 million for share repurchases and approximately $0.7 million for capital expenditures in the first half of 2025 [7].