Swiss Sneaker Maker On Surges After Boosting Sales Target

On Holding AG’s shares surged after the Swiss sneaker maker lifted its sales and earnings forecasts following an unexpectedly strong second quarter that saw buyers in Europe and Asia snap up its high-priced footwear.

The Roger Federer-backed company now sees revenue growing at least 31% on a constant currency basis this financial year, above analyst estimates and three percentage points higher than the previous target. It translates to net sales of 2.91 billion Swiss francs ($3.6 billion) at current spot rates, On said Tuesday.