On Holding, the high-end trainers brand backed by Swiss tennis legend Roger Federer, reported record quarter revenues in the three months ending September 30.
Net sales reached 635.8 million Swiss francs (£564 million), marking a 32.3% year-over-year increase.
On attributed this growth to a bullish direct-to-consumer (DTC) channel, which saw a year-on-year increase of 49.8%.
On’s gross profit margin improved to 60.6%, the highest since its initial public offering in 2021.
For the first nine months of 2024, On’s net sales totaled CHF 1.71 billion, a 27.3% increase from the same period last year. The nine-month period also saw net income grow by 43.6%, reaching CHF 152.7 million, reflecting strong consumer demand and operational improvements.
Co-founder and executive co-chairman Caspar Coppetti said: "This quarter's record results are a testament to the incredible momentum we have built.
“From increasing our brand awareness amongst our core communities worldwide, to pushing the boundaries of performance credibility and deepening our sustainability impact, to expanding our premium footprint across all channels, we are turning our dream into a reality.”
On has raised its full-year outlook for 2024, projecting at least a 32% increase in net sales on a constant currency basis.
The record results were not enough to excite the market as On shares fell over 4% when markets opened on Tuesday. However, the stock remains 88% higher year to date.
Federer reportedly invested US$54 million into On in 2019.