On stock boosted as running shoe sales impress ahead of Paris Olympics

On Running parent company On Holding (NYSE:ONON) saw its shares sprint nearly 20% higher in Tuesday’s trading, as the shoe company reported better-than-expected quarterly financials.

The Swiss sportswear company, which teamed up with Roger Federer after he exited his Nike deal, putting it on the map, reported sales for the three months, ended 31 March, at $559.6 million (or 508 million francs) which compares to 420 million francs this time last year.

It posted earnings per share of 36 cents (0.33 francs), beating the 0.15 francs it made in the 2023 quarter.

Looking ahead, the company told investors that it expects to achieve at least 30% growth in sales over the full-year. The summer Olympics in Paris, held in July and August, is seen as a major sales catalyst.

“We are thrilled to have exceeded our expectations and surpassed the half-billion net sales mark in a single quarter. This serves as a validation of the strong demand we have experienced across all channels, regions, and product categories,” chief executive Martin Hoffmann said in a statement.

He added: “Looking ahead, we're extremely excited for the months to come, filled with groundbreaking innovations, big partnerships, and the opportunity to have a notable impact in Paris this summer.”

In New York, On Holding was up $5.62 or 18.3% changing hands at $36.31 each.