On Holding AG ONON, +3.82% shares jumped 7.6% in Friday premarket trading after it reported fourth-quarter sales that beat expectations and gave upbeat sales guidance. The running shoe company, which is backed by tennis star Roger Federer, posted a net loss of CHf187.0 million (US$199.9 million), or CHF 0.60 per share, after a loss of CHf2.6 million, or CHf 0.01 per share. Sales totaled CHf 191.1 million (US $204.3 million) were up from CHf 124.3 million. The FactSet consensus was for a loss of CHf 25 cents and sales of CHf 179.5 million. The company says manufacturing in Vietnam has been back to 100% pre-lockdown commitments since December 2021. On’s spring/summer product launch was moved to the first quarter from the fourth quarter. “Overall, we are fast-tracking the capacity ramp-up plan this year, and leveraging our close relationship with all factory partners,” said Martin Hoffmann, co-chief executive of On, in a statement. “This includes the expansion into Indonesia, where we just started production in a new facility to diversify our production network.” For 2022, On’s outlook is for sales to exceed CHf 990 million. The FactSet consensus is for CHf 970.2 million. On shares began trading in September 2021. The stock is down 32.5% for the past three months while the S&P 500 index SP, -0.74% is down 4.5%.
