- On achieves strong full year results in 2023, significantly exceeding the expectations set at the beginning of the year, reaching net sales of CHF 1,792.1 million. This reflects a reported growth rate of 46.6% year-over-year and over 55% on a constant currency basis. On further reports a gross profit margin of 59.6%, net income of CHF 79.6 million and an adjusted EBITDA margin of 15.5%, showcasing On’s ongoing commitment to combine strong growth with continuously increasing profitability.
- On reports fourth quarter net sales of CHF 447.1 million, growing by 21.9% year-over-year on a reported basis and over 31% on a constant currency basis. The strength and increasing awareness of the On brand drove record-high traffic to On’s website and retail stores around the globe, resulting in a 46.2% DTC share, the highest in On’s history.
- Fueled by the elevated DTC share and high share of full-price sales in both channels, On’s gross profit margin in Q4 2023 reached 60.4%, above its stated mid-term ambition to exceed 60%.
- The continued strong momentum into 2024, coupled with a pipeline of exciting and highly innovative product launches provides On with confidence to execute on the next step towards its stated mid-term targets. For the full year 2024, On expects to achieve a constant currency net sales growth rate of at least 30%. At current spot rates, the corresponding total expected reported net sales for 2024 is equivalent to at least CHF 2.25 billion. On further expects to achieve a gross profit margin of approximately 60% and an adjusted EBITDA margin in the range of 16.0 – 16.5% for the full year 2024.
- Based on the successful execution of its proven multi-channel strategy, On continues to gain market share at unprecedented rates. In 2024, On intends to scale existing and new audiences globally with large brand moments.
Roger Federer at the On HQ in Switzerland