The following is a summary of the On Holding AG (ONON) Q2 2024 Earnings Call Transcript:

Financial Performance:

• On Holding AG reported a strong financial performance in Q2 2024, with net sales growing by 28% to CHF567.7 million.

• The company increased its profitability levels, both from a gross profit and an adjusted EBITDA margin perspective.

• Gross profit margin stood at a premium 59.9%, benefiting from lower freight rates.

• Net income significantly improved to CHF30.8 million, up from CHF3.3 million in Q2 2023.

• Capital expenditures were CHF16.9 million, reflecting investments in growth and innovation.

Business Progress:

• The company launched several new products including Cloudboom Strike LightSpray and Cloudsurfer Next, enhancing its running shoe line.

• Opened new flagship stores, including the largest one on the Champs-Elysees, Paris, enhancing brand visibility and outreach.

• Expanded retail network to 37 stores globally, supporting growth in owned retail as a key driver.

• Successful global launch of the brand's first commercial app, receiving high downloads and transactions.

Opportunities:

• The innovative LightSpray technology heralds a manufacturing revolution, promising near-shoring capabilities, reduced CO2 emissions, and potential market expansion.

• Continued global expansion with effective partnerships and high brand momentum, expected to drive future growth and market share gains.

Risks:

• Operational disruptions relating to the transition of the Atlanta warehouse affected product availability and delivery, impacting especially the D2C channel.

More details: On Holding IR

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