On Boosts Sales Through September Despite 11.8% Earnings Dip Due to Rising Costs

On suffers from cost increases. The Swiss fashion and sports equipment company closed the first nine months of the year with a 32.6% increase in turnover to 2,270.2 million Swiss francs ($28.29 billion) compared to the same period last year. Despite higher sales in all channels and markets, higher costs reduced the company’s net profit.

Specifically, On earned 134.6 million francs ($167.7 million) at the end of the period, 11.8% less than in the first nine months of 2024. In selling, general and administrative expenses, On allocated a total of 1,123.8 million Swiss francs ($1.4 billion), compared with 870.4 million francs ($1.84 billion) a year earlier. Financial expenses increased from CHF 17.2 million ($21.4 million) to CHF 21.8 million ($27,1 million).

Despite the drop in profit, On remained optimistic about the end of the year, raising its forecast for the period. With the results for the first nine months on the table, the sportswear company expects to increase its year-end sales by 34%, compared to the 31% previously estimated.

On expects to close 2025 with a 34% increase in sales

The company has multiplied its turnover generated through its own stores. Specifically, the company posted sales of 899.9 million Swiss francs ($1.12 billion), 39% more than the previous year. Wholesale sales, however, still account for the lion’s share of the business, with sales of 1,370.3 million francs ($1.70 billion), another 28.6% more than in the first nine months of 2024.

By market, On concentrates a large part of sales in the Americas, up to 1,305.9 million francs ($1.62 billion), up 19.2% on the previous year, while Europe, the Middle East and Africa saw higher growth of 34.6%, although sales were still at 579.7 million francs ($722.5 million). The biggest increase was in Asia Pacific, where On’s sales rose from 186.2 million francs ($232 million) to 384.6 million francs ($479.3 million).

Footwear remains the company’s star category, through which On generated sales of 2,117.1 million Swiss francs ($2.63 billion), 93.2% of the total. Through apparel, meanwhile, On has sold 124.9 million francs ($155.6 million), while accessories have generated another 13 million francs ($16.6 million) for the company.