The Swiss sports clothing and shoe brand on was heavily started in 2025. Sales continued to increase in the first quarter, which is due to the strength of the direct-to-consumer channel and the positive appeal of the latest collections. However, the profit was affected by various external financial factors, which weakened the final result for the period.
In the first three months of the year, ON had a net turnover of CHF 726.6 million (CHF 777 million), which corresponds to growth of 43 percent compared to the same period last year (CHF 508.2 million). This result was borne by an increase of 45.3 percent in the direct-to-consumer channel and growth of 41.5 percent in the wholesale channel. Sales increased significantly in all regions, with a jump of 130.1 percent in the Asian-Pacific.
Exchange courses burden profit
Despite this strong business development, the net profit fell by 38 percent to CHF 56.7 million, compared to 91.4 million in the first quarter of 2024. The company attributes this decline mainly to the negative effects of the exchange rate and lower profits from exchange rate differences, which dropped from a plus of CHF 76.8 million to a loss of CHF 14.5 million. The report also emphasizes that the increase in operating costs contributed to the decline in profits.
“The first quarter exceeded our expectations and reflects the strong dynamics of our brand across all channels, regions and product categories,” said co -founder and executive Chairman from On, Caspar Coppetti, in the explanation published by the company. “With a view to the second quarter and beyond, we look forward to the global attraction and cultural response from On as a sports brand from head to foot. We will continue to concentrate on what distinguishes us: the combination of performance and design with a constant thirst for innovation.”
On lifts forecasts
After this solid start of the year, ON has raised its sales forecast for 2025 and now expects a minimum growth of 28 percent for constant exchange rates, which corresponds to around CHF 2.86 billion. The company also forecast a gross profit margin between 60.0 and 60.5 percent and an adjusted EBITDA margin between 16.5 and 17.5 percent.
However, the company points out that the recent tensions in international trade policy could cause additional uncertainties in the form of higher customs and transport costs that would affect performance for the rest of the year.
This article was used with digital tools translated.
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