On’s revenue disappoints — is currency change to blame?
The brand’s constant currency net sales growth of 21.6% in Q2 was lower than experts anticipated, but exchange rates may be contributing to the disconnect with Wall Street.
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The brand’s constant currency net sales growth of 21
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The brand’s constant currency net sales growth of 21
6% in Q2 was lower than experts anticipated, but exchange rates may be contributing to the disconnect with Wall Street
Let Retail Dive's free newsletter keep you informed, straight from your inbox.
The brand’s constant currency net sales growth of 21.6% in Q2 was lower than experts anticipated, but exchange rates may be contributing to the disconnect with Wall Street.
On’s better-than-expected DTC sales helped offset the shortfall from wholesale in its second quarter, according to Telsey Advisory Group analysts.
“On's 2Q26 constant currency (CC) revenue growth of 20.6% was very good in the grand scheme, but fell below our expectation of ~26%,” Telsey Advisory Group analysts said in an emailed note Tuesday, adding that this also marked a deceleration from 26.4% growth in On’s first quarter.
The street’s missed expectations for On’s sales this quarter may speak to a larger disconnect between analysts and the company’s position.
“On’s quarters are hard to call given big pockets of limited visibility, namely around international, wholesale, and the impact of currency,” William Blair analysts said in a note Tuesday. “Currency in particular seems to be one of the larger drivers of the disconnect between Street and reported performance, with the spread in constant FX and actual sales growth of 810 basis points (21.6% constant FX versus 13.5% reported).”
Currency is likely to continue driving volatility for the brand’s reporting, the William Blair analysts said. However, On’s seemingly intentional move to slow wholesale and focus on DTC is the “right approach,” they added.
On’s DTC channel represents “the most premium expression” of the brand, co-founder and co-CEO David Allemann said on a call with analysts Tuesday. The company is “not pleased” with wholesale’s highly promotional, multibrand marketplace activity in the quarter, particularly in the Americas, Allemann added.
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The brand’s constant currency net sales growth of 21.6% in Q2 was lower than experts anticipated, but exchange rates may be contributing to the disconnect with Wall Street.…
“On's 2Q26 constant currency (CC) revenue growth of 20.6% was very good in the grand scheme, but fell below our expectation of ~26%,” Telsey Advisory Group analysts said in an emai…
The brand’s constant currency net sales growth of 21.6% in Q2 was lower than experts anticipated, but exchange rates may be contributing to the disconnect with Wall Street.…