Swiss performance shoe and apparel company On Running revealed its fourth-quarter and full-year financial results for 2023 on Tuesday, reporting positive growth rates in both periods.

Over the full year, On reached net sales of $2.04 billion USD, marking a 55% increase from the same figure in 2022, on a constant currency basis. With a gross profit margin of 59.6%, the company reported a net income of $90.6 million USD.

In the fourth quarter, On raked in net sales of $509 million USD, growing by 31% on a year-over-year basis, with currencies adjusted. However, the figure fell short of analyst expectations, which forecasted that the brand would reach $515.3 million USD in the three months ending December 31, according to The Washington Post.

“Fueled by athlete successes, including Hellen Obiri becoming the first woman in 34 years to win both the Boston and New York City marathons in the same year, we witnessed our running products soar to new heights in 2023,” David Allemann, co-founder and executive chairman of On, said in a statement. “As we look to further expand our presence in the global premium sportswear market, we have put a big emphasis on building awareness for our apparel offering.”

Looking to this year, On expects to earn a net sales growth rate of at least 30% on a currency-adjusted basis, with a target of $256.2 million USD. Additionally, the company aims to reach a gross profit margin of roughly 60%.

See On Running’s Q4 and full-year 2023 financial report here.

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