Sneaker Brand On Disappoints Investors With Sales Outlook

On Holding AG kept its sales outlook unchanged, disappointing investors even after a robust first quarter that saw consumers snap up the Swiss brand’s apparel and new sneakers including the $170 Cloudtilt Remix.

The Roger Federer-backed company still expects full-year sales growth of at least 23% on a constant currency basis, On said Tuesday, which would be slightly shy of analyst estimates. That was despite reporting better-than-expected sales in the first quarter, while the company also raised its profit outlook.