Why On Holdings AG Rallied 13.4% in August
Shares of athletic shoe challenger On Holdings AG (NYSE: ONON) rallied 13.4% in August, according to data from S&P Global Market Intelligence .
On held its second quarter earnings release on Aug. 13, displaying strong top-line growth that beat expectations. Coming off an exciting period in which the Summer Olympics began and On showed off a new shoe technology, management also reiterated a bullish outlook for the rest of this year.
In its second quarter, On grew revenue 27.8% to 567.7 Swiss Francs (CHF), which beat expectations, while adjusted (non-GAAP) earnings per share came in at 0.14 CHF, slightly missing expectations. Despite the "mixed" bottom line, management reiterated its guidance of 30% growth for the full year, which would imply some acceleration over the second quarter.
Source Fool.com
