Summary by Moomoo AI
On Holding AG achieved record Q2 2024 net sales of CHF 567.7 million, up 27.8% year-over-year (29.4% constant currency). Growth was strong across channels, regions and products, with Asia-Pacific up 73.7% and apparel up 63.0%. Gross profit margin improved to 59.9% from 59.5% last year.Net income surged to CHF 30.8 million from CHF 3.3 million in Q2 2023. Adjusted EBITDA grew 44.7% to CHF 90.8 million, with margin expanding to 16.0%. For the first half of 2024, net sales increased 24.4% to CHF 1,075.9 million, with net income up 156.5% to CHF 122.2 million.On reiterated its full-year 2024 outlook, expecting at least 30% constant currency net sales growth to CHF 2.26 billion, gross margin of around 60%, and adjusted EBITDA margin of 16.0-16.5%. The company highlighted recent brand-building initiatives and product innovations, while noting ongoing efforts to scale distribution capabilities in North America.
