High-End Sneaker Maker On Holding’s Costs Rise as Sales Set a Record [Video]

On Holding AG (ONON) shares bounced between gains and losses Tuesday after the maker of high-end sneakers reported mixed results as higher costs and foreign currency impacts offset record sales.

The Swiss company backed by tennis legend Roger Federer posted third-quarter earnings per share (EPS) of 0.09 Swiss francs ($0.10), while analysts surveyed by Visible Alpha were looking for CHF0.16 ($0.18). Revenue rose 32% year-over-year to a record CHF635.8 million ($720.6 million).

Selling, general, and administrative (SG&A) expenses jumped 36% to CHF312.7 million. The company had a foreign exchange loss of CHF42.6 million after registering a gain of CHF13.8 million a year ago.

On Holding noted its brand awareness has surged in recent months thanks to exposure at the Paris Olympics and the success of athletes who wear its shoes, as well as its technology and partnerships. The company also pointed to growth in the Asia-Pacific region. 

On Holding raised its full-year revenue guidance to CHF2.29 billion …