On Holding AG (NYSE:ONON)在2024年服裝銷售額突破1億瑞郎 (1.1248億美元) 的同時，超越第四季度的盈利和收入預期。在其收益電話會議中，這家性能運動服製造商還強調了其新店開張和擴展計劃。 On Holding聯合首席執行官馬克·毛雷爾表示，這家公司首次突破1億瑞郎 (1.1248億美元) 的服裝銷售額。他補充說，這一領域有很大的“潛力”，公司預計未來的銷售數字會更高。 聯合首席執行官兼首席財務官馬丁·霍夫曼說：“我們成爲真正從頭到腳的運動服品牌的雄心體現在我們從服裝中獲得了超過1億瑞郎的淨銷售額。” 毛雷爾補充說，公司目標是將服裝銷售額提升到總收入的10%。 On Holding執行聯合主席兼聯合創始人大衛·阿萊曼表示：“2024年，我們在巴黎香榭麗舍大街、米蘭維托里奧·埃馬努埃萊大街、芝加哥羅斯街和墨爾本 Emporium 等標誌性地點開了19家新零售店。” 擁有公司3%股份的羅傑·費德勒也被阿萊曼在收益電話會議中感謝，因其提高了品牌在美國和Z世代中的知名度。 阿萊曼補充道：“我們將這一成績歸因於我們與辛戴亞、FKA Twigs以及羅傑·費德勒的強大合作伙伴關係，還有一整批年輕的網球選手，例如本·謝爾頓、伊加·斯維亞特克、若昂·豐塞卡。” On Holding第四季度銷售額同比增長35.7%，達到6.066億瑞郎 (6.82297億美元)，超出預期。公司毛利率擴展到62.1%，調整後的每股收益也超出預期。 Telsey Advisory Group的分析師克里斯蒂娜·費爾南德斯表示，公司預計2025年繼續增長，銷售額至少增長27%，息稅折舊攤銷前利潤率在17.0%到17.5%之間，預計到2026年達到18%的目標。儘管管理層對2025年的收入和毛利率指引略低於預期，但公司“傾向於提供可以超越的指引。” 週二On Holding股價上漲5.81%，盤後交易中再漲1.11%。雖然股價年初至今下降8.56%，但一年內上漲53.28%。 Benzinga追蹤的29位分析師對該股的平均目標價爲54.61美元，反映出“買入”評級。估值廣泛，從33美元到73美元不等。Williams Trading、Needham和Telsey Advisory Group最近的評級均價在64.33美元，顯示出潛在的25.68%的上行空間。

以上內容來自Benzinga Earnings專欄，原文如下：

On Holding AG (NYSE:ONON) surpassed the fourth-quarter earnings and revenue expectations while delivering CHF100 million ($112.48 million) in apparel sales in 2024. During its earnings call, the performance sportswear maker highlighted its new store openings and expansion plans as well.

What Happened: On Holding, for the very first time, broke CHF100 million ($112.48 million) in apparel sales, highlighted Marc Maurer, the co-CEO of the firm.

He added that the segment had a lot of “potential” and the company anticipates the sales figure to be much higher in the future.

“Our ambition to be a true head-to-toe sportswear brand is solidified in the fact that we have reached more than CHF100 million in net sales from apparel,” said the co-CEO and CFO Martin Hoffmann. Maurer added that the company aims to bring apparel sales up to 10% of the total revenue.

“In 2024, we launched 19 new retail stores in iconic locations. Think Champs-Elysees in Paris, Vittorio Emanuele in Milan, Ross Street in Chicago, and Emporium, Melbourne,” said David Allemann, the executive co-chairman and co-founder of On.

Roger Federer, who reportedly owns 3% of the company, was also thanked by Allemann for increasing the brand awareness in the U.S. and amongst Gen Z during the earnings call.

“We credit that to our strengths of blockbuster partnerships with Zendaya, FKA Twigs, with Roger Federer, and a whole roster of young tennis players, Ben Shelton, for example, Iga Swiatek, Joao Fonseca,” Allemann added.

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Why It Matters: On Holding exceeded fourth quarter sales expectations with 35.7% year-on-year growth, reaching CHF 606.6 million or $682.297 million. The company’s gross margin expanded to 62.1%, and adjusted EPS beat estimates.

On forecasts continued growth in 2025, with at least a 27% sales increase and an EBITDA margin between 17.0% and 17.5%, on track to achieve its 18% target by 2026. While management’s 2025 revenue and gross margin guidance came in slightly short of expectations, the company “tends to provide guidance it can exceed,” said analyst Cristina Fernández from Telsey Advisory Group.

Price Action: On Holding rose 5.81% on Tuesday and advanced 1.11% in after-hours. The stock remains 8.56% lower on a year-to-date basis, however, it’s up 53.28% over a year.

Benzinga tracks 29 analysts with an average price target of $54.61 for the stock, reflecting a “buy” rating. Estimates range widely from $33 to $73. Recent ratings from Williams Trading, Needham, and Telsey Advisory Group average at $64.33, suggesting a potential 25.68% upside.

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