On Holding beats first-quarter expectations, sees double-digit growth in China as Nike lags

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Swiss sneaker company On saw more strong growth during its first quarter, beating Wall Street’s expectations on the top and bottom lines even as direct-to-consumer revenue fell short of forecasts.

During the quarter ended March 31, On’s direct-to-consumer sales, revenue from its own website and stores, grew 16.4% to 322.3 million Swiss francs (US$414.2 million), falling short of the 326 million francs analysts had expected, according to StreetAccount.

Meanwhile, revenue from its less profitable wholesale channel increased by 13.3% to 509.6 million francs, beating expectations of 499 million francs, according to StreetAccount.

In a news release, the company said “even against an uncertain macroeconomic backdrop,” it decided to raise its profitability outlook and reiterate its 2026 net sales growth forecast.