$On Holding AG(ONON.US) getting absolutely smoked after reporting lower-than-expected Q2 sales 🩸
🟥 -23.60%
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$On Holding AG(ONON.US) running today after a post-earnings flush y'day. I had taken the May $35 calls as an earnings play that are now ITM though still underwater.
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☀️ Pre-Market Earnings Recap:
$Etoro(ETOR.US) $Under Armour-C(UA.US) $Under Armour-C(UA.US)A $Zebra Tech(ZBRA.US) $D-Wave Quantum(QBTS.US) $Sea(SE.US) $On Holding AG(ONON.US) $JD.com(JD.US) - G
$Deckers Outdoor(DECK.US) (+17% no position) blew away 1Q ests last night behind strength of HOKA running shoes and UGGS footwear. Deckers reported 1Q sales of $964.5M, well above analysts’ avg ests of $901.4M. 1Q Adj EPS was $.93 vs $.68 expected. HOKA sales were $653M vs $611M expected. UGG sales were $265M vs $237M expected. Swiss sneaker maker On Holding ( $On Holding AG(ONON.US)) rose +3% in sympathy. DECK 2Q guidance was in line with expectations and viewed as conservative given the tariff uncertainty.
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We continue to view $On Holding AG(ONON.US) as the best way to play the fitness lifestyle trend. Both $Deckers Outdoor(DECK.US) (+6.4% YoY rev growth in 1Q vs +17.1% YoY rev growth in 4Q) and $NIKE (-9.3% YoY in 1Q vs -7.7% YoY in 4Q) appear to be losing considerable share to $On Holding AG(ONON.US) (+43.0% YoY in 1Q vs +35.7% YoY in 4Q). Decker’s DTC growth in particular is slowing quickly (-1.2% YoY in 1Q vs +17.8% YoY in 4Q) as the HOKA brand continues to lose momentum (+10% YoY rev growth in 1Q vs +24% YoY rev growth in 4Q). $On Holding AG(ONON.US) meanwhile actually showed acceleration in DTC growth this quarter (+45.4% YoY in 1Q vs +43.4% in 4Q). We believe DTC growth offers a clearer picture of current demand since it excludes inventory stocking or de-stocking.