Shares of On Holdings (NYSE: ONON) stock fell 10% in April, according to data provided by S&P Global Market Intelligence. Investors weren't thrilled with its fourth-quarter results, and as inflation persists and interest rate cuts are nowhere in sight, the overall market was down.

On reported its 2023 fourth-quarter results in March. Year-over-year revenue growth surpassed guidance at 46.6%, or 55% currency neutral, for the full year. On has a multichannel model, and although it has a strong wholesale business, direct-to-consumer sales increased 51%. On is developing its brand presence, and the high direct-to-consumer growth indicates loyal customers who love the brand.

As for profitability, it maintained its high gross margin at 59.6%, up from 56% in 2022. Net income rose 37.9% year over year.

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Source Fool.com