The Swiss sportswear company On Holding AG expects to exceed the sales mark of 1 billion Swiss francs (about 955.3 million euros) in this financial year, the company said in an interim report on Tuesday. The guidance came after earnings for the fiscal first quarter came in higher than expected.
In the first quarter of the current financial year, the company achieved an increase in sales of 67.9 percent. On Holding AG thus achieved sales of 235.7 million Swiss francs (224 million euros). Although revenue rose sharply in the quarter, the company’s first-quarter net loss also increased. The net loss was 14.3 million Swiss francs (about 13.6 million euros). In the first quarter of the previous year, the loss was 10.5 million Swiss francs (10 million euros).
Sales have grown sharply in every region where On operates. In Europe, sales rose by 31.3 percent to 74.9 million Swiss francs (71.5 million euros) and in North America by 86.5 percent to 138.4 Swiss francs (132.2 million euros). The Asia-Pacific region recorded the strongest growth of 125.9 percent in the first quarter and thus achieved sales of 16.4 million Swiss francs (15.6 million euros).
This translated post previously appeared on FashionUnited.nl.