A CHF 17 million foreign exchange benefit helped On Holding to a CHF 14,344,000 ($15.5 mm) profit in the first quarter from a loss of CHF 10,452,000 last year, as revenues surged 68% to CHF 235,681,000 ($255.3 mm) from CHF 140,393,000. Adjusted EBITDA, which also backs out the share-based compensation in both periods, was down 21% to CHF 15,710,000 from CHF 19,906,000. Sales would have been even higher, On avers, without the persistent supply shortages that date back to Vietnam’s Q3 factory shutdowns.

Direct-to-consumer and wholesale grew at the same 68% pace in Q1, to CHF 83.4 million and CHF 152.3 ... Log in to view full article.